What Is the State of the Service Sector in Canada

question 165

Multiple Choice

What is the state of the service sector in Canada today?

• A)The service sector comprises approximately 75 percent of the Canadian economy and employment.
• B)The service sector comprises approximately 20 percent of the Canadian economy and employment.
• C)The service sector has decreased and traditional smokestack industries have increased in importance in recent years.
• D)The service sector has decreased in importance in recent years.

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various price levels.

Marginal Value

The additional benefit gained from consuming or producing one more unit of a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service versus what they actually pay.

Consumer Surplus

The distinction between the ideal payment consumers are willing to make for a product or service and the real cost they incur.