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. High rate of population growth

C. High dependence on agriculture

D. Low level of capital formation

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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Question #1

The 'National Bank for Agriculture and Rural Development' was established in which year?

A. 1975

B. 1991

C. 1969

D. 1982

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Correct Answer: Option D

Explanation:
NABARD was established in 1982.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Capital Account Liberalisation' involves:

A. The removal or relaxation of restrictions on cross-border capital flows

B. The imposition of new capital controls

C. Only the liberalisation of trade in goods

D. Only the liberalisation of the current account

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Correct Answer: Option A

Explanation:
Capital-account liberalisation refers to the reduction or elimination of legal barriers to the free movement of capital across national borders.

This question belongs to: Economy GK Economy Set 1

Question #3

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

A. 28%

B. 18%

C. 5%

D. 12%

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Correct Answer: Option B

Explanation:
Broadcasting services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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