Choose if the given statement is True/False.

Only the public sector enterprises contribute to the Economic Development of a nation and not the private sector.

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True

False

answer is B.

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Detailed Solution

The given statement is False.
Both the public and private sectors contribute to the Economic Development of a nation. The public sector includes all those enterprises owned and managed by the government. Public enterprises aim to provide services to people at a reasonable price, whereas private enterprises aim to maximize their profits. The public sector promotes Economic Development by developing infrastructure, generating employment in the economy and financial resources for Economic Development, and ensuring equality of income and wealth. The private sector also employs a large number of people and provides goods and services to the economy which boosts its Economic Development.

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