A dual economy is distinguished from other economies by having ?
Correct answer: B. a traditional agricultural sector and a modern industrial sector
- A. an industrial sector and a manufacturing sector
- B. a traditional agricultural sector and a modern industrial sector
- C. state owner ship of the means of production
- D. an industrial sector that concentrates on manufacturing and construction
Explanation
A dual economy combines a traditional, usually low-productivity agricultural sector with a modern industrial sector using more advanced production methods. The defining contrast is therefore between traditional agriculture and modern industry.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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