An Example of a Service Counted in This Year's GDP

question 20

Multiple Choice

An example of a service counted in this year's GDP is

• A) buying shampoo to give your pet a bath
• B) cleaning your house
• C) trimming your own hair
• D) hiring a gardener to weed your garden
• E) polishing your friend's car as a friendly gesture

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Definitions:

U.S. model

A term that refers to the United States' unique blend of market-driven economics and its specific regulatory, labor, and consumer practices which influence global business norms.

Labor relations

The field that studies and manages the relationships between employers and their employees, particularly when employees are represented by a union.

Economic conditions

The state of an economy at a given time, including factors like inflation, employment rates, and GDP growth that influence business and labor markets.

Susceptible

Being likely to be influenced or harmed by a particular thing or condition.