Which one of the following describes the current state of economic development in the United States?
A) The United States is running out of natural resources, and therefore it will soon experience a drop in the rate of economic growth.
B) Employment is declining in the manufacturing sector and growing in the service sector.
C) Employment is declining in the manufacturing sector and growing in the agricultural sector.
D) The lack of well-defined property rights in the United States means that entrepreneurs do not expect to capture the benefits of innovations they bring to the marketplace.

Question

Quizplus · Accepted Answer

The statement that employment is declining in the manufacturing sector and growing in the service sector is a reflection of the current state of economic development in the United States. This shift towards service-based jobs is a result of advancements in technology and the globalization of manufacturing. Options A and C are incorrect as the United States has not yet exhausted its natural resources and the agricultural sector has not seen significant growth in employment. Option D is incorrect as well-defined property rights are a hallmark of the American economy, and entrepreneurs do expect to capture the benefits of their innovations.

Which One of the Following Describes the Current State of Economic