Question

[1] A producing sector classification for grouping goods, services, and the firms that produce them:

A) is broader than an industry classification.

B) is narrower than an industry classification.

C) includes the same number of firms as an industry classification, but arranges the firms differently.

D) may be broader or narrower than an industry classification, depending upon the types of products classified.

[2] Over most of the twentieth century, the dominant producing sector in the U.S. economy was:

A) services.

B) retail trade.

C) manufacturing.

D) agriculture, forestry, and fishing.

[3] In terms of the amount of output produced, the largest sector in the U.S. economy is currently the:

A) services sector.

B) retail trade sector.

C) manufacturing sector.

D) agriculture, forestry, and fishing sector.

[4] Industries are groups of firms that:

A) buy from the same suppliers.

B) compete in the same geographic markets.

C) produce similar products or use similar processes.

D) produce similar products or use similar processes, and are publicly owned.

Answer 1

1. D. may be broader or narrower than an industry classification, depending upon the firms differently.

The goods, services and firms which produce them are all different and the sector which produces them also classifies them in different ways so it can be broader or narrower as it depends upon the firms.

2. A. Services

Service industries dominated the U.S economy in the twentieth century like it covered almost half the GDP in 1929, two thirds in 1978 and more than three quarters in 1993.

3. C. Manufacturing sector
The manufacturing sectors in the U.S are the largest in the world. They produce around 18.2 percent of the world'sgoods. It is largest in terms of output.

4.C produce similar products or use similar processes
There are different sectors and areas producing goods and services. They are divided into various industries. They are cluster of companies or group of firms which produce the same types of goods and follow the same type of process for production.