ECONOMICS
PRODUCTIVITY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
a relative decline in output in the clothing and footwear industries
|
|
|
an increase in the rate of inflation
|
|
|
a fall in the rate of unemployment
|
|
|
a decrease in the level of protection through lower tariffs
|
Detailed explanation-1: -Structural change, which has occurred over centuries in the advanced economies, has been replicated within a few decades or even just a few years in developing Asia. One example of such a fast-forward structural change is the shift from agriculture to manufacturing to services.
Detailed explanation-2: -For example, a subsistence economy may be transformed into a manufacturing economy, or a regulated mixed economy may be liberalized. A current driver of structural change in the world economy is globalization. Structural change is possible because of the dynamic nature of the economic system.
Detailed explanation-3: -Economic development and structural change result from the interaction of supply and demand factors. Supply factors include the accumulation and efficient use of factors of production such as labour and capital, whereas demand factors include changes in patterns of intermediate and final demand.
Detailed explanation-4: -primary, secondary and tertiary sectors. Primary sector includes agricultural and allied activities, secondary sector includes manufacturing industries and tertiary sector includes services. With the development process, significance of primary sector declines while that of secondary and tertiary sectors increases.