Which Component(s)of U

question 7

Multiple Choice

Which component(s) of U.S.real GDP increased in size relative to total U.S.real GDP from 1950 to 2000?

• A)Only agriculture.
• B)Only manufacturing.
• C)Agriculture and manufacturing.
• D)Only services.

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Definitions:

Revenue

The overall revenue produced by a corporation through its primary business of selling goods or services.

Consumer Surplus

The variance between the price consumers are prepared to pay for a product or service and the price they actually incur.

Value

The importance, worth, or usefulness of something, often expressed in monetary terms but can also represent sentimental or intrinsic worth.

Sales Tax

A tax levied on the sale of goods and services, typically calculated as a percentage of the purchase price and collected by the retailer.