The Service Economy Quiz
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Questions and Answers

What is the primary reason for the increasing characterization of the world economy as a service economy?

  • The decreasing importance of the service sector in most developed and developing countries
  • The rise of the manufacturing sector in most developing countries
  • The decline of the agricultural sector in most developed countries
  • The increasing importance and share of the service sector in most developed and developing countries (correct)

    • What does economic history indicate about the shift in the mainstay of the economy for developing nations?

  • Shift from the service sector to agriculture and then to industry
  • No significant shift in the mainstay of the economy
  • Shift from agriculture to industry and then to the service sector (correct)
  • Shift from industry to agriculture and then to the service sector

    • How are goods and services now defined in relation to each other?

  • Services are completely separate from goods
  • Goods are completely separate from services
  • Goods and services are increasingly considered interconnected on a goods-services continuum (correct)
  • Goods and services are no longer relevant in the modern economy

    • What are some examples of core product offerings that comprise services?

    <p>Hospitals, hotels, banks, colleges, airlines</p> Signup and view all the answers

    What are the essential characteristics of services as mentioned in the text?

    <p>Output is not a physical product, generally consumed at the time it is produced, provides added value in forms like convenience, entertainment, timeliness, comfort, or health</p> Signup and view all the answers

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