Which of the Following Statements About Services Is True

question 48

Multiple Choice

Which of the following statements about services is true?

• A)In Canada, the service sector generates 70 percent of Canada's annual GDP.
• B)The marketing of services is the same as the marketing of goods.
• C)Services are both tangible and intangible items.
• D)Two out of ten Canadians work in the services industry.

Gain knowledge on the role of government intervention in various economic systems.

Comprehend the concept of a command economic system and its approach to production decisions.

Understand the significance and implications of the production possibilities curve.

Learn about the efficiency represented by points on the production possibilities frontier.

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Definitions:

Labor Shortage

A situation in which employers are unable to fill vacancies with qualified candidates, often due to a lack of available workers or skills in the labor market.

Worker Hours

The amount of time that employees spend working during a given period, often measured in hours per week or month.

Price Floor

A price floor is a legally imposed minimum price set above the equilibrium price, preventing market prices from falling below it.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, typically downward-sloping.