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Service economy - Quiz
Service economy
  • 1. What percentage of GDP do services constitute in low-income countries?
A) Exactly 30%
B) Roughly 10%
C) Over 50%
D) Less than 20%
  • 2. What percentage of economic growth did services account for in sub-Saharan Africa from 2000 to 2005?
A) 50%
B) 16%
C) 37%
D) 47%
  • 3. Which sector contributed 37% to economic growth in sub-Saharan Africa between 2000 and 2005?
A) Tourism
B) Industry
C) Financial services
D) Agriculture
  • 4. As economies develop, what happens to the importance of the service sector?
A) It fluctuates unpredictably
B) It decreases
C) It continues to grow
D) It remains stagnant
  • 5. What is one sector where the service economy provides jobs for low-skilled labor?
A) Engineering
B) Tourism
C) Financial analysis
D) Software development
  • 6. Which of the following is listed as a component of the service economy in developing countries?
A) Large-scale agriculture
B) Heavy manufacturing
C) Distribution
D) Mining
  • 7. Which country is mentioned as developing a market for surgery and tourism packages?
A) The Philippines
B) South Africa
C) Mauritius
D) India
  • 8. What do Indian companies provide for US hospitals as a new service opportunity?
A) Scanning services
B) Call center support
C) Surgery
D) Software maintenance
  • 9. According to Baines, Lightfoot, & Kay, how many sets of factors drive servitization?
A) Four
B) Two
C) Three
D) Five
  • 10. What are the three main sets of drivers for servitization?
A) Strategic, logistical and environmental
B) Financial, social and political
C) Marketing, technical and cultural
D) Financial, strategic and marketing
  • 11. What happened to GE's revenue from services between 1996 and 2002?
A) It tripled
B) It remained the same
C) It doubled
D) It decreased by 60%
  • 12. According to an AMR Research report, what gross profit percentage do companies earn from aftermarket services?
A) 60%
B) 10%
C) 24%
D) Over 45%
  • 13. What is one effect of servitization on products?
A) Shortens life cycles
B) Increases life cycles
C) Eliminates the need for maintenance
D) Decreases profit margins
  • 14. In the context of the service economy, what are people increasingly leaving?
A) The tourism sector
B) The agricultural sector
C) The retail sector
D) The education sector
  • 15. Which countries have experienced rapid growth in IT services like call centers?
A) Only India and the US
B) The US and European countries
C) India, the Philippines, South Africa and Mauritius
D) Only the Philippines and Mauritius
  • 16. Who coined the term "the service economy" in 1968?
A) IBM
B) The EPA
C) Adam Smith
D) Victor R. Fuchs
  • 17. What is the management term for the increasing service component in products?
A) Servitization
B) Capitalization
C) Industrialization
D) Manufacturing
  • 18. What pricing model is commonly adopted when products are transformed into services?
A) One-time payment model
B) Subscription pricing
C) Fixed price per unit
D) Auction-based pricing
  • 19. According to the text, what is essential for achieving full cost accounting?
A) Strict government manufacturing quotas
B) The elimination of all service industries
C) An increase in manufacturing output
D) A good model of the service economy
  • 20. What concept refers to the service of waste disposal being included in the purchase price of a product?
A) Industrial ecology
B) Product stewardship
C) Asset management
D) Market saturation
  • 21. Which of the following is considered an example of product stewardship?
A) Stock market trading
B) Manufacturing assembly lines
C) Service sector expansion
D) Container deposits on bottles
  • 22. What is the financial reflection of the comprehensive outcome of a product's lifecycle?
A) Full cost accounting
B) Brand value
C) Gross Domestic Product
D) Price elasticity
  • 23. Which country is noted for having laws that require attention to the comprehensive outcome of the entire lifecycle of a product?
A) Japan
B) Brazil
C) Canada
D) Germany
  • 24. What does the service-product continuum represent?
A) The replacement of the product-service dichotomy
B) The total elimination of physical goods
C) The increase in manufacturing costs
D) The end of subscription models
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