Question

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

Answer 1

The correct option is B Developed economy

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.