In the Last 25 Years There Has Been Dramatic Growth

question 100

Multiple Choice

In the last 25 years there has been dramatic growth in the service sector.About what percent of the working population is employed by the service sector?

• A)75
• B)50
• C)33
• D)90

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Definitions:

Marginal-Cost Curve

A graphical representation that shows the cost of producing one more unit of a good.

Average-Total-Cost Curve

A graphical representation showing how the average total cost of production changes as the quantity of output is altered.

GPA

Grade Point Average, a measure of a student's academic achievement at a college or university, calculated as a numerical average of grades.

Short Run

A period in which at least one factor of production is fixed, limiting the ability of the economy or firm to adjust to changes.