Which of the following factors was largely responsible for the fact that the entire U.S.economy did not mirror declines in the manufacturing sector during the 1970s?
A) Automation of factories
B) Growth of the service sector
C) Improved foreign trade balances
D) Reduction of long-term interest rates
E) Low levels of unemployment

Question

Quizplus · Accepted Answer

The growth of the service sector was largely responsible for ensuring that the entire U.S. economy did not mirror declines in the manufacturing sector during the 1970s. The service sector, which includes industries such as healthcare, finance, and hospitality, was able to offer new jobs and opportunities for workers despite declines in manufacturing. This helped to offset the negative effects of manufacturing decline and maintain overall economic growth.

Which of the Following Factors Was Largely Responsible for the Fact