What percentage of the American job market is made up of small businesses?

• A. About 60%
• B. About 25%
• C. About 80%
• D. About 47%

Answer: (D)

Verified step by step guidance

1. Understand the question: It asks for the percentage of the American job market that small businesses constitute. This is a factual data question rather than a calculation problem.
2. Recall or research the definition of 'small business' in the context of the American job market, which typically refers to firms with fewer than 500 employees.
3. Look for reliable sources such as the U.S. Small Business Administration (SBA) or labor market statistics that provide data on employment shares by business size.
4. Identify the reported percentage of total employment attributed to small businesses from these sources. This figure is often cited as around 47%.
5. Compare the given answer choices with the researched data to confirm that 'About 47%' is the correct estimate for the share of jobs provided by small businesses in the U.S.