Which of the Following Statements Is TRUE

question 8

Multiple Choice

Which of the following statements is TRUE?

• A) The service sector comprises approximately 75 percent of the United States' economy and employment.
• B) The service sector comprises approximately 20 percent of the United States' economy and employment.
• C) Traditional smokestack industries have increased in importance in recent years.
• D) The service sector has decreased in importance in recent years.

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Definitions:

Area

The extent or measurement of a surface or piece of land, often expressed in square units.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the good's sensitivity to price changes.

Orange Juice

A liquid extract derived from oranges, commonly consumed as a beverage rich in vitamin C.

Total Spending

The sum of money spent by consumers or a specific sector of the economy in a given time period.