A dual economy means I. the existence of black money and white money II. the existence of agriculture…
A dual economy is one in which a modern sector (industry and commercial agriculture) exists side by side with a traditional sector (subsistence farming and handicrafts).…
Choose your answer
A dual economy means
I. the existence of black money and white money
II. the existence of agriculture and industry
III. the existence of commercial agriculture with subsistence farming
IV. modern industry and commercial agriculture co-existing with subsistence farming and traditional handicraft
Answer and explanation
Correct answer D
A dual economy is one in which a modern sector (industry and commercial agriculture) exists side by side with a traditional sector (subsistence farming and handicrafts). Statements II, III and IV describe this co-existence, so the answer is "II, III and IV". The distinction between black money and white money has nothing to do with economic dualism.
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