According to Your Textbook, It Is Estimated That in Australia

question 52

Multiple Choice

According to your textbook, it is estimated that in Australia approximately ________ of all economic activity are in service industries.

• A)68 per cent
• B)74 per cent
• C)58 per cent
• D)70 per cent
• E)80 per cent

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Definitions:

Price Floors

are government-imposed limits on how low a price can be charged for a product, with the aim to ensure fair compensation for producers.

Price Ceilings

Price Ceilings are government-imposed limits on how high a price can be charged for a product, service, or commodity, often implemented to protect consumers from excessively high costs but can lead to shortages.

Equilibrium Price

A price where the supplied goods quantity is identical to the demanded goods quantity.

Law Of Demand

An increase in a product’s price will reduce the quantity of it demanded, and conversely for a decrease in price.