Multiple Choice
Deflation occurs when there is a decline in which of the following?
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1. Introduction to Macroeconomics
Introduction to Economics
Multiple Choice
Which sector primarily drives the U.S. economy today?
A
Manufacturing
B
Agriculture
C
The service sector
D
Mining and extraction
Verified step by step guidance1
Step 1: Understand the main sectors of the economy, which typically include agriculture, manufacturing, mining and extraction, and services.
Step 2: Recognize that the U.S. economy has evolved over time from being primarily agricultural to industrial, and now to a service-oriented economy.
Step 3: Identify that the service sector includes industries such as healthcare, education, finance, retail, and professional services, which contribute the largest share to GDP and employment in the U.S.
Step 4: Compare the relative contributions of each sector to the U.S. GDP and employment statistics to see which sector dominates.
Step 5: Conclude that the service sector is the primary driver of the U.S. economy today, surpassing manufacturing, agriculture, and mining.
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