The Lewis model of economic development is based on: MCQ with Answer and Explanation

Question
The Lewis model of economic development is based on:
A. foreign aid
B. export-led growth
C. import substitution
D. labour transfer from agriculture to industry
Answer: Option D
Solution (By JKSSB Mock Tests)
The Lewis model explains development through transfer of surplus labour from traditional agriculture to modern industry.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Which of the following is NOT a feature of globalisation?
A. Complete isolation of national economies
B. Increased cross-border trade and investment
C. Spread of technology and information
D. Greater integration of markets
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Correct Answer: Option A

Explanation:
Globalisation involves increasing integration of national economies through trade, investment, technology and information flows, not isolation.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is not included in the calculation of Gross Domestic Product at market prices?
A. Old age pension paid by government
B. Final consumption expenditure of households
C. Gross fixed capital formation
D. Government final consumption expenditure
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Correct Answer: Option A

Explanation:
Old age pension is a transfer payment and is not a payment for current production, hence it is excluded from GDP.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'marginal propensity to consume' can never be greater than:
A. 2
B. 0.5
C. 1
D. infinity
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Correct Answer: Option C

Explanation:
MPC is the fraction of additional income consumed, so it ranges from 0 to 1.
This question belongs to: Economy GK Economy Set 1
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