Which of the following statements is correct about industry and trade?
I. Economists have found that poor nations can progress if they have a good industrial sector.
II. Agriculture provides employment which is more stable than the employment in industry.

Correct option is D

The correct answer is (d) Only I

Explanation:

Statement I: "Economists have found that poor nations can progress if they have a good industrial sector."-Correct

• A strong industrial sector promotes economic diversification, increased productivity, job creation, and exports, all of which lead to sustained economic growth.
• Industrialization has historically been a key driver of development in countries like South Korea, China, and Germany.

Statement II: "Agriculture provides employment which is more stable than the employment in industry."-Incorrect

• Agricultural employment is often seasonal, vulnerable to climate, market volatility, and less productive than industrial jobs.
• In contrast, industrial employment, especially in organized sectors, tends to be more stable, with fixed wages, social security, and formal contracts.

Information Booster:

• Industrialization helps poor nations shift from subsistence farming to value-added production, which boosts GDP.
• Many developed nations experienced rapid growth due to their strong industrial base (especially in sectors like manufacturing, infrastructure, textiles, steel, etc.).

• The Lewis Model of Development emphasizes the shift of labor from agriculture to industry as a sign of progress.