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Economics miscellaneous

  1. ‘Take-off stage’ in an economy means
    1. Steady growth begins.
    2. Economy is stagnant.
    3. Economy is about to collapse.
    4. All controls are removed.
Correct Option: A

Rostow’s ‘Stages of Economic Growth’ (1960) presented five stages through which all countries must pass to become developed: 1) traditional society, 2) preconditions to take-off, 3) take-off, 4) drive to maturity, and 5) age of high mass consumption. Take-off is the short period of intensive growth, in which industrialization begins to occur, and workers and institutions become concentrated around a new industry.



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