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Which of the following is not a primary economic activity?
  • a)
    Mining
  • b)
    Agriculture
  • c)
    Trading
  • d)
    Fishing
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Which of the following is not a primary economic activity?a)Miningb)Ag...
Trading is not a primary economic activity.
The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing and mining. In contrast, the secondary sector produces manufactured goods, and the tertiary sector produces services.
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Read the given passage and answer the questions that follow:The National Statistical Office (NSO) released a set of Gross Domestic Product (GDP) numbers earlier this week. The most recent data, namely, GDP growth for the quarter ending December 2022, came at 4.4%. This is 30 basis points (0.3 percentage point) lower than what a Bloomberg poll of economists expected the number to be. NSO has retained a projection of 7% growth in 2022-23 between its first and second advance estimates, which means that GDP growth in the quarter ending March will have to be 5.1%. This goes against the widespread opinion among economists that the Indian economy is losing, not gaining growth momentum at the moment.NSO’s latest data release includes other sets of GDP numbers as well. They include the first revised estimate for 2021-22, the second revised estimate for 2020-21 and the final estimate for 2019-20. It is not Chanakya’s intent to overwhelm the readers with bureaucratic processes involving the release of statistics, but these revisions to past GDP numbers have significantly changed the facts as far as the Indian economy’s performance is concerned. GDP growth rates for 2019-20, 2020-21 and 2021-22 have been revised upwards from the earlier figures of 3.7%, -6.6% and 8.7% to 3.9%, -5.8% and 9.1%, respectively.The revisions have had an effect on the latest growth statistics as well. If the December 2022 quarter GDP was compared to the December 2021 GDP numbers before the latest revision, the economy would have shown an expansion of 5.1% instead of 4.4%. To be sure, there is nothing one can do about this problem of comparing hitherto revised statistics with one that will undergo a revision two years down the line. And while one can claim to be wise in hindsight, Chanakya believes that such large adjustments in a crucial economic indicator like GDP have a blindsiding effect on economic policy which ideally requires data in real-time.But deficiencies in our statistical system are a topic for another column; let us return to the state of the economy at the moment. Any modern economy has its share of headwinds and tailwinds to growth at a given moment in time. What are the most pressing headwinds for the Indian economy right now? First is the dissipation of pent-up consumption demand, which soared after being shackled due to pandemic-era restrictions. Private consumption is the single most important driver of the Indian economy. It had a share of 60% in total GDP in the December 2022 quarter. This is not to say that private consumption is going to plunge.Q.Which of the following best describes the impact of GDP revisions on economic policy, according to the passage?

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Which of the following is not a primary economic activity?a)Miningb)Agriculturec)Tradingd)FishingCorrect answer is option 'C'. Can you explain this answer?
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