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

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

A. Only service sector dominance

B. Coexistence of a modern industrial sector and a traditional agricultural sector

C. Absence of informal activities

D. Uniform productivity across sectors

Answer: Option B

Solution (By JKSSB Mock Tests)

Dualism refers to the simultaneous existence of a modern, high-productivity sector and a traditional, low-productivity sector within the same economy.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Central Bank Digital Currency' is a:

A. private digital token

B. digital form of fiat currency issued by the central bank

C. cryptocurrency like Bitcoin

D. mutual fund unit

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Correct Answer: Option B

Explanation:
CBDC is a digital form of central bank issued fiat currency.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'depreciation' in national accounting is also called:

A. capital consumption allowance

B. factor income

C. transfer payment

D. net investment

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Correct Answer: Option A

Explanation:
Depreciation is also known as capital consumption allowance.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a function of the stock exchange?

A. Providing liquidity to securities

B. Mobilising savings for investment

C. Price discovery of securities

D. Issuing new currency notes

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Correct Answer: Option D

Explanation:
Issuing currency notes is the function of the central bank. Stock exchanges provide liquidity, facilitate price discovery and help mobilise savings for productive investment.

This question belongs to: Economy GK Economy Set 1

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