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

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The Lewis model of economic development is based on:

A. foreign aid

B. import substitution

C. export-led growth

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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Question #1

The 'Goods and Services Tax' on insurance services provided to government is:

A. 18%

B. 12%

C. 5%

D. 0%

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Correct Answer: Option A

Explanation:
Insurance services to government attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on banking services is:

A. 28%

B. 5%

C. 12%

D. 18%

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Correct Answer: Option D

Explanation:
Banking and financial services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Agricultural Produce Market Committee' is a:

A. statutory body under state APMC Act

B. cooperative society

C. private market

D. central government body

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Correct Answer: Option A

Explanation:
APMCs are statutory market committees established under state APMC Acts.

This question belongs to: Economy GK Economy Set 1

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