Which One of the Following Statements About the Structure of the U.S.economy

question 31

Multiple Choice

Which one of the following statements about the structure of the U.S.economy is true?

• A)About 91 percent of all U.S.jobs are in service-providing processes.
• B)All goods-producing jobs account for 25 percent of total U.S.jobs.
• C)All service-providing jobs account for 65 percent of total U.S.jobs.
• D)The largest U.S.industry with respect to U.S.jobs is manufacturing.

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Definitions:

Diseconomies of Scale

The condition in which a company or production process becomes less efficient as it grows larger, leading to increased costs per unit.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and firms make no economic profit or loss.

Long-Run Average Cost Curve

A graphical representation showing the minimum average cost of producing any given level of output when all inputs, including capital, are variable.

Short-Run Average Cost Curve

A graphical representation that shows how the average cost of production changes with varying output levels in the short term.