GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The “Dual Economy” is a mixture of:
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traditional agriculture sector and modern industrial sector
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industrial sector and manufacturing sector
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state ownership of the means of production in corporation of foreign organisation
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industrial sector and trading of goods obtained through imports
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Explanation:
Detailed explanation-1: -The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy. Dual economies are common in less developed countries, where one sector is geared to local needs and another to the global export market.
Detailed explanation-2: -’Dual economy’ models, in which agriculture is economically distinct from the nonagricultural sector, can accommodate both views, depending on how they treat mobility of labor and capital between the sectors, and the processes of technical change and investment in each.
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