New RBI Grade B Notification Out - 94 Vacancies - Prepare with Us!

    Register

    Question

    An economy in which both traditional and modern method are present is called?

    A Mixed economy Correct Answer Incorrect Answer
    B Combined economy Correct Answer Incorrect Answer
    C Dual economy Correct Answer Incorrect Answer
    D Mezzanine economy Correct Answer Incorrect Answer
    E Sandwich economy Correct Answer Incorrect Answer

    Solution

    Dual economy is a feature of developing countries. Here one can find both usage of traditional methods and modern methods, both capital and labor intensive sectors. It is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand. The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy.

    Practice Next