A major feature of an underdeveloped economy is
ECONOMICS
JAMB 2014
A major feature of an underdeveloped economy is
- A. excess capacity utilization
- B. low rate of population growth
- C. low level of standard of living
- D. low level of unemployment
Correct Answer: C. low level of standard of living
Explanation
An underdeveloped economy is characterized by low per capita income, low levels of living, high rate of population growth, illiteracy, technical backwardness, capital deficiency, dependence on backward agriculture, high level of unemployment, unfavourable institutions and so on.
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