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

Question
Which of the following is a characteristic of a developed economy?
A. High dependence on agriculture
B. High per capita income
C. High rate of population growth
D. Low level of capital formation
Answer: Option B
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
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1
Which of the following is NOT a objective of economic planning in India?
A. Self-reliance
B. Modernisation
C. Economic growth
D. Maximisation of inequality
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
Economic planning in India aimed at growth, modernisation, self-reliance and social justice (reduction of inequality), not maximisation of inequality.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Composition Scheme' under GST is available to small taxpayers with turnover up to:
A. Rs 50 lakh
B. Rs 10 crore
C. Rs 5 crore
D. Rs 1.5 crore
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
The composition scheme is available to taxpayers with annual turnover up to Rs 1.5 crore.
This question belongs to: Economy GK Economy Set 1
Question #3
The concept of 'Natural Monopoly' arises when:
A. There are no economies of scale
B. The market is perfectly competitive
C. A single firm can supply the entire market at lower cost than two or more firms because of large fixed costs and declining average costs
D. Many firms can produce at the same minimum cost
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
A natural monopoly exists when subadditive costs (typically due to large fixed costs and declining average costs) make it more efficient for a single firm to serve the entire market.
This question belongs to: Economy GK Economy Set 1
Explore All Economy Set 1 MCQs
Today's Top Topics
Economy Set 1 2220
Explore Subjects
Geography GK 6121 Economy GK 2220 Computer 5279 Maths 5575 Accountancy and Statistics 3179
Practice Mix
The 'Tarapur' is famous for:
The rate at which Rs. 36000 amounts to Rs. 46800 in 3 years is
The 'Gandhian Plan' for economic development was formulated by?
Average of 12 numbers 620. If average of 8 is 615, average of remaining 4?
Only ___ minority of students failed.