GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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has
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has not
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Both (a) and (b)
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None of these
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Detailed explanation-1: -(i) Employment in the service sector has not increased to the same extent as production. (ii) Workers in the tertiary sector do not produce goods. (iii) Most of the workers in the organized sector enjoy job security. (iv) A large proportion of labourers in India are working in the unorganized sector.
Detailed explanation-2: -High demand for service as the final product, technical and structural changes, better use of information technology, economic reforms in 1991, liberalization of the financial sector, and reforms in segments of infrastructures are the major factors responsible for the high growth of the service sector.
Detailed explanation-3: -Hazlitt shows that it is a basic economic goal of any nation or of any individual to get more production with less effort. He notices that along history it often happens that emphasis is laid more on full employment than on full production, full employment becoming thus an end itself.
Detailed explanation-4: -Answer: The tertiary sector is different from the other sectors because it does not manufacture or produce anything. For this reason, it is also known as the service sector. It aids the primary and secondary sectors in development.