What occurs in the second stage of economic development?
A) Most of the labor force works in agriculture.
B) The service sector comes to the forefront.
C) The manufacturing sector declines in importance.
D) Manufacturing gains in importance and employs a large portion of the labor force.
D
You might also like to view...
If a principal and agent enter into a fixed-fee contract where the agent pays the principal a licensing fee
A) the principal bears all the risk. B) the agent bears all the risk. C) the principal and agent share the risk. D) Unable to determine with the information given.
Refer to the table below for a certain product's market in Econland. If the world price of the product were $6 and a tariff of $1 per unit were applied to imports of the product, then the total revenue (after tariff) going to domestic producers would be:
A. $11,200, and the total revenue (after tariff) going to foreign producers would be $2,800
B. $11,200, and the total revenue (after tariff) going to foreign producers would be $2,400
C. $8,400, and the total revenue (after tariff) going to foreign producers would be $2,800
D. $13,200, and the total revenue (after tariff) going to foreign producers would be $2,400