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Which of the following statements with reference to the service sector is/are correct ?

1. Retail trade falls under tertiary activity.

2. Research and.Development based activity comes under quaternary activity.

Select the correct answer using the code given below :

This questions was previously asked in

EPFO EO AO 2023

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1 Only

2 Only

Both 1 and 2

Neither 1 nor 2

Explanation:

- Statement 1: Retail trade is indeed considered a part of the tertiary activities. The tertiary sector includes services like retail, hospitality, banking, and healthcare.

- Statement 2: Research and Development (R&D) is classified under quaternary activities, which encompass knowledge-based activities such as IT, education, and R&D.

- Both statements correctly categorize the service sector activities into their respective classifications, acknowledging tertiary and quaternary distinctions.

- Correct Answer: Both 1 and 2

By: Babita

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