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 (C)</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 (B)</p> Signup and view all the answers

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