1.
What is the concept of a developed country associated with?
Correct Answer
B. Per capita income
Explanation
Per capita income refers to the average income earned by each individual in a country. It is a measure used to assess the economic well-being of a nation and is often used to classify a country as developed or developing. A developed country typically has a high per capita income, indicating a higher standard of living and economic prosperity. This measure takes into account the total income of a country and divides it by the total population, providing a more accurate representation of the average income level.
2.
Which country among the following is a developing country?
Correct Answer
A. India
Explanation
India is considered a developing country because it is still in the process of improving its economic and social indicators. Despite having a large and growing economy, India faces challenges such as poverty, inequality, and inadequate infrastructure. The country has made significant progress in recent years, but it still has a long way to go in terms of achieving high standards of living and overall development.
3.
Which country among the following is a developed country?
Correct Answer
D. England
Explanation
England is considered a developed country because it has a high standard of living, a well-developed infrastructure, and a strong economy. It has a high Human Development Index (HDI) score, indicating a high level of education, healthcare, and income for its citizens. England is also a member of the G7 group of advanced economies, further highlighting its status as a developed country.
4.
The main feature to recognize a developing economy is "low per capita income."
Correct Answer
A. True
Explanation
A developing economy is typically characterized by a low per capita income. This means that the average income per person in the economy is relatively low compared to developed economies. This can be due to factors such as limited access to education, lack of infrastructure, and a high poverty rate. Low per capita income is often seen as a key indicator of an economy's level of development and is used to differentiate developing economies from developed ones. Therefore, the statement is true.
5.
What is the form of economy in developing economy countries?
Correct Answer
D. Dual
Explanation
In developing economy countries, the form of economy is dual. This means that there are two sectors operating simultaneously - the traditional sector and the modern sector. The traditional sector consists of agriculture and informal activities, while the modern sector includes industries and formal employment. The dual economy model helps to explain the coexistence of traditional and modern economic activities in developing countries, where there is a transition from a predominantly agrarian society to a more industrialized one.
6.
In which type of economy is the market completely free?
Correct Answer
A. Capitalist
Explanation
In a capitalist economy, the market is completely free. This means that there is minimal government intervention and individuals and businesses have the freedom to make their own economic decisions. Prices are determined by supply and demand, and competition is encouraged. This allows for a greater level of economic freedom and choice compared to other types of economies, such as socialist or mixed economies, where the government plays a more significant role in regulating and controlling the market.
7.
Which of the given countries is the largest?
Correct Answer
D. China
Explanation
China is the largest country among the given options. It has the largest population and the second-largest land area in the world. With a population of over 1.4 billion people, China is also the most populous country globally. Its vast territory spans across various geographical regions, including mountains, plateaus, and plains. China's size and population make it the largest country among the options provided.
8.
In which year was the World Trade Organization established?
Correct Answer
D. 1995
Explanation
The World Trade Organization (WTO) was established on January 1, 1995. It replaced the General Agreement on Tariffs and Trade (GATT) as the global organization overseeing international trade rules and negotiations. The establishment of the WTO aimed to provide a more comprehensive and enforceable framework for trade agreements among its member countries. The organization facilitates negotiations, settles trade disputes, and works towards promoting a more open and predictable international trading system.
9.
Who owns the production resources in socialism?
Correct Answer
A. State
Explanation
In socialism, the production resources are owned by the state. This means that the government has control over the means of production, such as factories, land, and natural resources. The state is responsible for making decisions about what to produce, how to produce it, and how to distribute the goods and services among the population. This centralized control is a key characteristic of socialism, as it aims to promote equality and ensure that resources are used for the benefit of society as a whole.
10.
Which of the following economic activities belong to the secondary sector?
Correct Answer
C. Industries
Explanation
The correct answer is industries because the secondary sector includes activities that involve the processing of raw materials into finished products. Industries encompass various manufacturing processes, such as the production of goods in factories or plants. Fishing, banking, and cattle rearing, on the other hand, fall under the primary and tertiary sectors of the economy.