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The economy of a country, which has acquired very high stage of development and where per capita income and standard of living is high, is termed as _________.
  • a)
    Underdeveloped economy
  • b)
    Developed economy
  • c)
    Mixed economy
  • d)
    Socialistic economy
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
The economy of a country, which has acquired very high stage of develo...
The economy of a country, which has acquired very high stage of development and where per capita income and standard of living is high, is termed as Developed economy. National income in development economies is very high. High national income implies a greater flow of goods and services in the economy. Developed economy has high level of efficiency and productivity. There is full utilization of human and natural resources.
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The economy of a country, which has acquired very high stage of development and where per capita income and standard of living is high, is termed as _________.a)Underdeveloped economyb)Developed economyc)Mixed economyd)Socialistic economyCorrect answer is option 'B'. Can you explain this answer?
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