Over the past 70 years, which of the following has occurred?
i. The service sector has grown so that now about 80 percent of workers are now employed in the service industry.
ii. The manufacturing sector has shrunk, so now about 20 percent of workers are now employed in the production of goods.
iii. The percentage of workers employed in the service industry has increased steadily.
A) i, ii and iii
B) i and iii
C) ii only
D) i only
E) ii and iii
A
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GDP per capita is a relatively good measurement of:
a. the distribution of income. b. purchasing power. c. household production. d. the standard of living.
In the U.S. a digital camera costs $200 . The same camera in London sells for 90 pounds. If the exchange rate were .50 pounds per dollar, then which of the following would be correct?
a. The real exchange rate is greater than 1 . A person in London with $200 could exchange them for pounds and have more than enough to buy the camera there. b. The real exchange rate is greater than 1 . A person in London with $200 could exchange them for pounds but then wouldn't have enough to buy the camera there. c. The real exchange rate is less than 1 . A person in London with $200 could exchange them for pounds and have more than enough to buy the camera there. d. The real exchange rate is less than 1 . A person in London with $200 could exchange them for pounds but then wouldn't have enough to buy the camera.
Refer to the graphs shown. The market is fat-free potato chips that contain the fat substitute olestra. Which graph best represents the impact of increased consumer concern about the effects of olestra on long-term health?
A. Graph a B. Graph b C. Graph c D. Graph d
Indicate whether each of the following situations would shift the supply curve to the left, to the right, or not at all
a. An increase in the price of an input b. An increase in productivity c. An increase in the price of a substitute in production d. A decrease in the expected future price of a product e. A decrease in the current price of the product