Which of the following is a characteristic of a developed economy? MCQ with Answer and Explanation

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Which of the following is a characteristic of a developed economy?

A. High per capita income

B. Low level of capital formation

C. High dependence on agriculture

D. High rate of population growth

Answer: Option A

Solution (By JKSSB Mock Tests)

Developed economies are characterised by high per capita income, high level of industrialisation, low population growth and high capital formation.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the two-commodity consumer equilibrium condition, which equality must hold?

A. Px/Py = MUy/MUx

B. MUx/Px = MUy/Py

C. MUx = MUy

D. Px × MUx = Py × MUy

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Correct Answer: Option B

Explanation:
The consumer is in equilibrium when marginal utility per rupee is equal for all goods: MUx/Px = MUy/Py.

This question belongs to: Economy GK Economy Set 1

Question #2

The Harrod-Domar growth model emphasizes the role of:

A. population growth

B. technological progress

C. natural resources

D. saving and capital-output ratio

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Correct Answer: Option D

Explanation:
The Harrod-Domar model emphasises saving rate and capital-output ratio as determinants of growth.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on religious pilgrimage tours is:

A. 5%

B. 18%

C. 0%

D. 12%

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Correct Answer: Option A

Explanation:
Religious pilgrimage tours attract 5% GST.

This question belongs to: Economy GK Economy Set 1

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