Explanation

In many developing countries, agriculture plays a significant role in the economy.

It is estimated that around 65% of total export earnings come from agricultural products.

Such as crops, livestock, and fisheries.

Explanation

Mono cropping refers to the practice of growing the same crop on the same land year after year.

This can lead to soil depletion, reduced fertility, and increased pest and disease pressure, making it a less sustainable farming practice.

Explanation

• Economy is not considered an essential element.

The four essential elements of a State are:

1. Population
2. Territory
3. Government
4. Sovereignty

Explanation

• Economic planning refers to the process of allocating resources and making decisions to achieve economic goals and objectives.
• It involves setting priorities, allocating resources, and coordinating efforts to achieve efficient use of resources and promote economic growth and development.

Explanation

• Tariff refers to a tax or duty imposed by a government on imported goods or services.
• It is a common instrument of trade policy used to protect domestic industries and generate revenue.

Explanation

Deficit financing refers to the methods governments

use to finance their budget deficits

such as issuing bonds or printing more money.

Explanation

The term franchise means the ability and right of someone to vote in an election.

The universal Adult Franchise means that all citizens who are 18 years and above are free to vote.

Explanation

 In early 2022, Sri Lankans started experiencing power cuts and shortages of basics such as fuel.

The rate of inflation rose to 50% a year.

NA23-7-2023

Explanation

A tax on imports, Exports or consumption goods is called Duty.

Explanation

Preferential Trade Agreement is the term used in the WTO for trade preferences, such as lower or zero tariffs, which a member may offer to a trade partner unilaterally