The public sector of an economy includes
ECONOMICS
WAEC 2010
The public sector of an economy includes
- A. cooperative societies
- B. nationalized industries
- C. joint stock companies
- D. pressure groups
Correct Answer: B. nationalized industries
Explanation
The public sector is made up of the part of an economy that is controlled by the state or government and this include nationalized industries. Nationalized industries are formerly private owned companies that were converted to government owned industries. Nationalization or nationalisation, is the process of transforming private assets into public. Since nationalized industries are state owned, the government is responsible for meeting any debts.
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