The economic transition refers to
A)transition from a less to a more-developed country.
B)transition from central planning to market economy.
C)countries that have some developed and some less-developed characteristics.
D) all of the above.
E) none of the above.

Question

Quizplus · Accepted Answer

The economic transition specifically refers to the transition from a centrally planned economy to a market-based economy, as seen in the case of countries like China and Russia. While some characteristics of less-developed economies may be present during this transition period, it is primarily focused on the shift in economic organization. Option A is too broad, encompassing any country going through development, while option C is too general, describing many countries at various stages of development. Option D is not entirely accurate as it includes option A, which is not specifically related to economic transition, and option C, which is too broad. Option E is not correct as the economic transition is a widely studied concept in economics.

The Economic Transition Refers to