Based on the above chart, which industry's average annual rate of change is projected to decrease the most in the 2006-2016 period as compared to its average annual rate of change during 1996-2006?
a. Utilities
b. Educational services
c. Federal government
d. State and local government
Answer (1)
Calculate the difference in average annual rate of change for Educational services: 3.5 − 1.9 = 1.6 .
Calculate the difference for Federal government: − 0.5 − ( − 0.4 ) = − 0.1 .
Calculate the difference for State and local government: 1.5 − 0.7 = 0.8 .
The largest decrease is for Educational services with a difference of 1.6 , so the answer is b .
Explanation
Understanding the Problem We are asked to determine which industry experienced the greatest decrease in the average annual rate of change between the periods of 1996-2006 and 2006-2016. The options provided are Educational services, Federal government, and State and local government.
Calculating the Differences To find the industry with the largest decrease, we need to calculate the difference in the average annual rate of change for each industry by subtracting the 2006-2016 rate from the 1996-2006 rate. A larger positive difference indicates a greater decrease.
Calculating the Differences for Each Industry For Educational services, the difference is: 3.5 − 1.9 = 1.6 For Federal government, the difference is: − 0.5 − ( − 0.4 ) = − 0.5 + 0.4 = − 0.1 For State and local government, the difference is: 1.5 − 0.7 = 0.8
Identifying the Largest Decrease Comparing the differences, we have: Educational services: 1.6 Federal government: -0.1 State and local government: 0.8 The largest positive difference is 1.6, which corresponds to Educational services.
Conclusion Therefore, the industry with the greatest decrease in the average annual rate of change is Educational services.
Examples
Understanding changes in industry growth rates can be useful in career planning. For example, if you are considering a career in education, knowing that the growth rate is slowing down can help you prepare for a more competitive job market. Similarly, if you are considering a career in government, knowing that the growth rate is declining can help you anticipate potential budget cuts or layoffs. Analyzing trends in different sectors provides valuable insights for making informed decisions about education, career paths, and investments.
