Choose the given statement is True/False

Classification of economic activities into two categories is very useful.

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True

False

answer is B.

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Detailed Solution

The given statement is false.
All economic activities are divided into primary, secondary, and tertiary activities. This division of economic activities is very useful for the following reasons:
1)      It helps us find the share of each sector in the country’s GDP. This helps the government to prepare the policies accordingly to benefit every sector.
2)      It tells the employment in each sector. This helps the government understand employment in every sector and find out if disguised unemployment exists in any sector.
3)      It tells if the country is developing, which sector is progressing, and whether it is on the right development path.
The correct statement would be that classifying economic activities as primary, secondary, and tertiary is very useful.

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