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

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

A. High productivity in agriculture

B. Dualistic economic structure

C. High rate of capital accumulation

D. Low dependence on foreign trade

Answer: Option B

Solution (By JKSSB Mock Tests)

Developing economies often exhibit dualism — coexistence of a modern industrial sector and a traditional agricultural sector with low productivity.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Planning Commission' was set up in 1950 by a resolution of the:

A. Parliament

B. Supreme Court

C. Government of India

D. President

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Correct Answer: Option C

Explanation:
The Planning Commission was established by a Cabinet resolution in March 1950.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Census of India' 2011 was the how many-th census?

A. 17th

B. 15th

C. 13th

D. 16th

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Correct Answer: Option B

Explanation:
Census 2011 was the 15th Census of India.

This question belongs to: Economy GK Economy Set 1

Question #3

A proportional tax is one where:

A. the tax rate rises with income

B. the tax rate falls with income

C. only high incomes are taxed

D. the average tax rate is constant across income levels

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Correct Answer: Option D

Explanation:
A proportional tax applies the same tax rate to all income levels.

This question belongs to: Economy GK Economy Set 1

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