Choose the given statement is True/False:

One of the ways through which the private sector contributes to economic development of the country is by ensuring equality of income and wealth.

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True

False

answer is B.

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Detailed Solution

It is false. The public sector (not the private sector) contributes to the country's economic development by ensuring income and wealth equality. The public sector does economic development in the following ways:
1)      It creates employment opportunities.
2)      It encourages the development of MSMEs (Micro, Small, and Medium Enterprises).
3)      It ensures the easy availability of essential goods at low rates.
4)      It contributes to the development of a community by improving health and educational facilities.
5)      It provides equality and balanced regional development.
6)      It promotes economic growth by the creation of infrastructure.
Thus, the existence of the public sector is crucial for economic development.

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