When economists say that developing countries have a dualistic economy the 2 parts referred to are ?
Correct answer: A. modern sector and traditional sector
- A. modern sector and traditional sector
- B. town and country
- C. men and women
- D. rich people and poor people
Explanation
A dualistic economy contains a modern, relatively productive sector alongside a traditional sector using older methods and technologies. The distinction is mainly economic and technological, not simply urban versus rural.
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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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