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The United States produces an equal amount of goods and services. True False

Question:

The United States produces an equal amount of goods and services.

True

False

What does the US GDP Include:

GDP, which basically is made of the value of total goods and services produced by a certain country in a period of time (generally a year), can include services, industry and also agricultural products.

Answer and Explanation:

The correct answer is FALSE.

Indeed, as all developed economies and due to a trend started in the decade of 1970, the American GDP is basically composed by services. To be more precise, according to data provided by the World Bank, today around 78% of the US GDP is explained by services. Industry constitutes around 18% and agriculture less than 2%.


Learn more about this topic:

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Gross Domestic Product: Items Excluded from National Production

from Economics 102: Macroeconomics

Chapter 4 / Lesson 4
329K

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