Economic development is said to involve structural transformation when:
Correct answer: B. Employment and output gradually shift from agriculture toward industry and services
- A. The money supply rises without a change in output
- B. Employment and output gradually shift from agriculture toward industry and services
- C. The government replaces all private firms with public enterprises
- D. The exchange rate remains fixed over a long period
Explanation
Structural transformation describes the changing composition of production and employment as an economy develops. It commonly involves a declining relative role of agriculture and a growing role for industry and services.
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About Economy of Pakistan
Pakistan's economy is examined through agriculture, industry, services, trade, remittances, employment, population, poverty and regional development. The topic also covers GDP and national income, inflation, fiscal and monetary policy, taxation, public debt, the balance of payments, energy constraints and structural challenges, including the role of the State Bank and development planning.
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