Dual economies are countries ?
Correct answer: B. with a modern manufacturing sector as well as traditional agriculture sector
- A. with double capital and labor/
- B. with a modern manufacturing sector as well as traditional agriculture sector
- C. that specialize in labor intensive products more than capital intensive products
- D. with foreign owned and domestically owned capital
Explanation
Dual economies contain two contrasting sectors: a modern manufacturing or industrial sector and a traditional agricultural sector. The presence of these technologically and structurally different sectors distinguishes them from more unified economies.
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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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