Question

The United States is now considered a service-oriented economy, with the service industry accounting for an estimated _____ percent of the total U.S. economy.

a) 50%
b) 70%
c) 80%
d) 90%

Answer 1

The service industry accounts for over 60 percent of the U.S. GDP, with option (b) 70% being the closest to the data provided. The U.S. has transitioned into a service-oriented and information-based economy, reflecting significant shifts in employment and economic structure.

Step-by-step explanation:

The United States is now considered a service-oriented economy, with the service industry accounting for a significant portion of the total U.S. economy. According to various sources, including LibreTexts™ and figures, services make up over 60 percent of the production side components of GDP in the United States. However, the most accurate answer to the student's question, given the provided options, would be (b) 70% as none of the other percentages closely fit the data provided.

While the exact percentage may vary slightly depending on the source, it is clear that the service sector is a dominant part of the U.S. economy, reflecting a shift from industrial production to services and information activities. By the beginning of the 21st century, less than 2 percent of the U.S workforce was employed in agriculture, with a larger portion found in services and information activities.

This transformation signifies the rise of the information age and the ongoing structural changes in the workforce and the economy at large.