GCEEconomicsEconomic Development2022

In the context of economic development, the term 'dualism' refers to the

Aco-existence of two currencies within the same economy
Bsimultaneous existence of a modern capitalist sector and a traditional subsistence sector within an economyCORRECT
Cpractice of two countries sharing a common development plan
Dpolicy of balancing agricultural output with industrial production
AI
Toaster Teacher
Why the answer is B, and why the others tempt you.
Economic dualism, a concept prominently discussed by Arthur Lewis in his two-sector model, describes the co-existence of a modern, high-productivity, capitalist urban sector and a traditional, low-productivity, subsistence rural sector within the same developing economy. This structural divide is a key characteristic of many developing nations including Nigeria.
Want this in Pidgin, Yoruba, Igbo or Hausa? Sign up free →

Practice more Economics questions

GCE Economics has thousands more questions like this — with Worked answers on every one.

Start practicing free →See all Economics questions