Until Rajiv Gandhi Took Office, Successive Indian Prime Ministers Pursued

question 51

Multiple Choice

Until Rajiv Gandhi took office, successive Indian prime ministers pursued a development strategy known as

• A) structural adjustment.
• B) market capitalism.
• C) command economics.
• D) import substitution.
• E) economic liberalization.

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Definitions:

Low Wage Workers

Individuals employed in job positions that pay less than the median wage of the labor market.

Profits

Financial gains obtained when the revenues earned from business activities exceed the expenses, costs, and taxes needed to sustain those activities.

Underdeveloped Countries

Nations characterized by low levels of economic productivity, income, and technological sophistication, often accompanied by poor standards of living.

World Wars

Major global conflicts involving many of the world's nations; notably, the two occurrences in the 20th century (1914-1918 and 1939-1945).