Choose the given statement is True/False

Economic activities are of two types- private activities and public activities.

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True

False

answer is B.

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Detailed Solution

The given statement is false.
Economic activities are of two types- market activities and non-market activities. Market activities are those undertaken for profit motives. There is remuneration involved for anyone who performs a market activity. For example- crop production by the farmer to sell in the market is an example of market activity. On the other hand, non-market activities are the ones in which production is undertaken for self-consumption. Such activities can involve the production and consumption of primary products for one's account or the production of fixed assets. These goods and services produced in non-market activities do not enter the market, hence the name.
Hence the correct statement would be that economic activities are of two types- market and non-market activities.

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