Question

An economy is at the take off stage on its path to development when it

a) becomes stagnant
b) begins steady growth
c) is liberalized
d) gets maximum foreign aid​

Answer 1

Answer:

b) begins steady growth

An economy is at the take off stage on its path to development when it begins steady growth.

Explanation:

According to Meade, in a state of steady growth, the growth rates of total income and income per head are constant, with population growing at a constant proportionate rate and the rate of technological progress remaining constant. An economy is at the take off stage on its path to development when it begins steady growth. The stage of take-off is the third significant stage of growth. This stage lasts $20$ to$30$ years, during which time the economy develops automatically and becomes self-sufficient. Self-sufficiency means that the economy can develop without the assistance of others.