Which of the following is NOT one of the characteristics ...
Which of the following is NOT one of the characteristics of developing countries?
High unemployment
Mono-product economy
High capital formation
Low saving
Correct answer is B
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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\(\begin{array}{c|c} \text{Unit of output} & \text{Table cost}\\ \hline 1 & 20 \\ 2 &...