Dairy comes under which sector of economic activity?
- A.Tertiary sector
- B.Primary sector
- C.Secondary sector
- D.Quaternary sector
Correct answer
Explanation
The correct answer is B, Primary sector. Dairying takes its produce directly from nature, so it belongs to the primary sector. Economic activity is usually grouped in three sectors. The primary sector draws on natural resources and covers farming, dairy, poultry, fishing, forestry and mining. The secondary sector turns those raw materials into goods, so a plant that converts milk into butter, cheese or milk powder is doing manufacturing. The tertiary sector provides services that support the other two, such as transport, banking, insurance and trade. Milk drawn from cattle is a natural product, which is why dairying, like beekeeping and sericulture, is counted with agriculture and allied activities. In India the primary sector still employs the largest share of workers while the tertiary sector contributes the largest share of GDP. Option A is wrong because the tertiary sector covers services. Option C is wrong because the secondary sector begins only when milk is processed into another product. Option D is wrong because the quaternary sector means knowledge services such as research and IT. Exam tip: dairy, fishing and mining are primary; processing them is secondary.
Practice Questions
View allAccording to the law of diminishing marginal utility, as the amount of a good consumed increases, the marginal utility of that good tends to
- A.improve
- B.diminish
- C.remain constant
- D.first diminish and then improve
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Each extra unit of a good gives a consumer less additional satisfaction than the unit before it, so marginal utility falls as consumption rises.
Read the full explanation →Consider the following statements about impact of tax : 1. A tax is shifted forward to consumers if the demand is inelastic relative to supply. 2. A tax is shifted backward to producers if the supply is relatively more inelastic than demand. Which of the statements given above is/are correct?
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
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The burden of a tax falls more heavily on whichever side of the market is less elastic, the side that cannot easily walk away.
Read the full explanation →UBI, as an alternative for subsidies in poverty alleviation, stands for
- A.Union Basic Income
- B.Undefined Basic Income
- C.Unconditional Basic Income
- D.Universal Basic Income
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UBI is the idea of paying every citizen a fixed sum of money regularly, without conditions, in place of a large number of separate subsidies and welfare schemes.
Read the full explanation →Who among the following is the Chairman of the Fourteenth Finance Commission?
- A.C. Rangarajan
- B.Vijay Kelkar
- C.Y. V. Reddy
- D.Rakesh Mohan
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The Fourteenth Finance Commission, set up in 2013 for the award period 2015-2020, was chaired by Y. V. Reddy, a former Governor of the Reserve Bank of India.
Read the full explanation →Why was constitutional amendment needed for introducing GST?
- A.States were not willing to agree with the Union for introduction of GST without amendment in the Constitution.
- B.GST was to be implemented on concurrent base and Article 246 was inadequate for such a case.
- C.The Empowered Committee of Finance Ministers had recommended for constitutional amendment.
- D.The GST Council had recommended for constitutional amendment so that its power enhances.
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GST is levied by the Union and the States together on the same supply, and Article 246, which splits taxing powers between them through separate lists, did not allow such a concurrent tax.
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