As a country develops, it undergoes ‘structural changes'. Which of the following is a indicator of these structural changes?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. The share of agriculture in GDP declines.
- The decline in the share of agriculture in Gross Domestic Product (GDP) is a common trend observed in the economic development of many countries.
- This phenomenon is often referred to as the "structural transformation" of an economy.
- Economic Diversification, Technological Advancements, Urbanization, Income Growth, are the several factors of the decline.