Select if the given statement is true/false:

The objective of the public sector is to maximize profits.

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True

False

answer is B.

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Detailed Solution

The given statement is false.
The objective of the public sector is to use the available resources with efficiency in order to promote the development of the country. It is also involved in the establishment of heavy and basic industries. Thus, the primary goal of the public sector is social welfare. The public sector also promotes economic equality and tries to reduce monopolies in the country. Most of the basic facilities in a country are provided by the public sector, which includes drinking water, roads, bridges, railways, and so on. It also provides health care and educational facilities to its people.
The correct statement is that the objective of the public sector is to maximize social welfare.

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