Question

Which of the following is not a characteristic of a traditional economy?

Primarily based on direct barter and rarely has a surplus
Led by tribal leaders or based on small family units
Exists only in developed nations
All of the above

Answer 1

A traditional economy is primarily based on direct barter and rarely has a surplus. It is typically led by tribal leaders or based on small family units. The correct answer is 'All of the above' as all the options are characteristics of a traditional economy.

Step-by-step explanation:

A traditional economy is primarily based on direct barter and rarely has a surplus. It is typically led by tribal leaders or based on small family units. Traditional economies can exist in both developed and developing nations. Therefore, the correct answer is All of the above.

Learn more about Traditional Economy