The increase in the proportion of tertiary employment over time at the expense of both primary and secondary employment
(a) is peculiar to the western industrial countries.
(b) is strictly an American phenomenon.
(c) is present generally in all industrial countries.
(d) is restricted to countries with relatively small
government sectors.
(c)
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If the marginal cost of a monopolist exceeds its marginal revenue, ________
A) additional production reduces profits B) additional production enhances profits C) the difference between its marginal revenue curve and demand curve is at the highest D) the difference between its marginal revenue curve and demand curve is at the lowest
The above table shows the total product schedule for Hair Today, a hair styling salon
a) What is the first worker's marginal product? The second worker? The third worker? The fourth worker? The fifth worker? b) Over what range of workers is there increasing marginal returns? Over what range is there decreasing marginal returns?