Question 161. Technology helped the manufacturing industry to become more productive. 

161. Technology helped the manufacturing industry to become more productive.
True False

162. While the proportion of workers employed in agriculture has remained relatively constant, the average size of farms has steadily decreased over the past century.
True False

163. Increases in productivity have allowed fewer farmers to feed more and more people.
True False

164. The advice provided by a marriage counselor is an example of the service industry.
True False

165. Almost all of the growth in employment opportunities since the mid-1980s has been generated by the service sector.
True False

166. Although employment in the service sector has increased rapidly in recent years, the vast majority of workers are still employed in the goods producing sector.
True False

167. There are more high-paying jobs in the service sector than in the goods-producing sector.
True False

168. The best employment strategy for today’s college graduates is to search for jobs that are closely related to their college major.
True False

169. The growth in the service sector in the United States appears to be giving way to an information-based global era.
True False

170. The transition from an agricultural economy to a manufacturing economy to a service based economy has resulted in a serious increase in long-term unemployment.
True False

171. One reason given for the decline in the number of U.S. workers employed in manufacturing is that manufacturing firms in the U.S. have become more efficient.
True False

172. The continuing increase in the number of U.S. workers in the service sector means that more and more workers are employed in low-wage positions.
True False

173. Historically jobs lost in one sector of the economy have been replaced by increased employment opportunities in other sectors.
True False

174. Cee Duction is a financial planner who helps people find ways to save for retirement and lower their taxes. Cee is employed in the service sector of the economy.
True False

175. After losing her manufacturing job in the U.S. automobile industry, Juanita has found that well paid service sector jobs require retraining and further education.
True False

Multiple Choice Questions

176. An activity which seeks to earn a profit by providing a good or service is known as a(n):
A. industry.
B. corporation.
C. business.
D. service.

177. __________ is the amount a business earns after deducting what it spends for salaries and other expenses.
A. Profit
B. Revenue
C. Interest
D. Dividends

178. A business incurs a ___________ if its costs and expenses exceed its revenues.
A. loss
B. liability
C. debit
D. dividend

179. __________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.
A. Depreciation
B. Risk
C. Fallibility
D. Redundancy

180. The total amount of money that businesses take in by selling goods and services is called _______.
A. profit
B. revenue
C. loss
D. retained earnings

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