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

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

A. Absence of informal sector

B. Uniform technology across sectors

C. Coexistence of modern and traditional sectors

D. Only agricultural activities

Answer: Option C

Solution (By JKSSB Mock Tests)

Dualism refers to the coexistence of a modern, capital-intensive sector alongside a traditional, labour-intensive sector within the same economy.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020' was later:

A. repealed in 2021

B. implemented fully

C. amended only

D. extended to 2030

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Correct Answer: Option A

Explanation:
The three farm laws of 2020 were repealed in 2021.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on postal services is:

A. 0%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option A

Explanation:
Postal services by the Department of Posts are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on foreign exchange conversion services is:

A. 12%

B. 0%

C. 18% on the service fee

D. 5%

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Correct Answer: Option C

Explanation:
Foreign exchange conversion services attract GST on the service fee at 18%.

This question belongs to: Economy GK Economy Set 1

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