Which of the following is NOT one of the characteristics of developing countries?
ECONOMICS
JAMB 2023
Which of the following is NOT one of the characteristics of developing countries?
- A. High unemployment
- B. Mono- product economy
- C. High capital formation
- D. Low saving
Correct Answer: B. Mono- product economy
Explanation
Mono- product economy ( an economy that produces one product or commodity) is not a characteristics of developing country. The characteristics are: high level of illiteracy, dependence on agriculture, low savings and investment, low standard of living, population explosion, high death rate etc.
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