ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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manufacturing has replaced retailing as the most dominant industry
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service businesses have become far less important to the economy
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wholesaling has become the dominant industry
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service and trade businesses have become the dominant industries
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Detailed explanation-1: -The United States is the world’s largest economy and the largest exporter and importer of goods and services. Trade is critical to America’s prosperity-fueling economic growth, supporting good jobs at home, raising living standards and helping Americans provide for their families with affordable goods and services.
Detailed explanation-2: -During the decade, small businesses started and grew, while major corporations were merging, thus becoming larger, more profitable, and more powerful. Companies big and small needed workers, both skilled and unskilled, to manage their assets, work their assembly lines, or sell their products to the public.
Detailed explanation-3: -Real gross domestic product (GDP) increased at an annual rate of 1.1 percent in the first quarter of 2023, according to the “advance” estimate. In the fourth quarter of 2022, real GDP increased 2.6 percent.
Detailed explanation-4: -The economic boom led to a period of unprecedented prosperity and a growing middle class, with many Americans enjoying access to new technologies and a wider range of consumer goods. This period also had social and cultural impacts, with a growing focus on consumerism, suburban living, and personal freedom.