A major feature of an underdeveloped economy is?

By: |Published on: Oct 21|Categories: Economics JAMB| 0 comments

A. excess capacity utilization
B. low rate of population growth
C. low level of standard of living
D. low level of unemployment

Correct Answer:

Option C – low level of standard of living

Explanation

An underdeveloped economy is characterized by low per capita income, low levels of living, high rate of population growth, illiteracy, technical backwardness, capital deficiency, dependence on backward agriculture, high level of unemployment, unfavourable institutions and so on.

Users Also Read These:

SEE ALSO  If the death rate of a country is 52% and the growth rate is 12%; what is the birth rate of the county?

Copyright warnings! Do not copy.