Choose the given statement is true/false:

On the basis of ownership, sectors are classified into public and private sectors.

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True

False

answer is A.

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Detailed Solution

The given statement is "true." Based on ownership, sectors are classified into public and private sectors. The economic activity might be divided into several sectors based on who owns assets and is in charge of providing services. Most of the assets and all the services in the public sector are owned by and provided by the government. In the private sector, private people or businesses are in charge of the ownership of the assets and the provision of the services. The public sector includes railroads and post offices, whereas privately held businesses include Tata Iron and Steel Company Limited (TISCO) and Reliance Industries Limited (RIL).

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