Which of the Following Is Considered a Service in the Calculation

question 41

Multiple Choice

Which of the following is considered a service in the calculation of GDP?

• A)Manufacturing reclining chairs.
• B)Constructing new homes.
• C) Tax preparation.

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Definitions:

Means of Production

The tools, machinery, facilities, and resources used to produce goods and services, often discussed in the context of economic systems and ownership.

Communism

A system of government that eliminates private property; it is the most extreme form of socialism, because all citizens work for the government and there are no class distinctions.

Extreme Form

A manifestation of a phenomenon or condition at its most intense or severe degree.

Socialism

An economic and political system where the production, distribution, and exchange of goods and services are regulated or owned by the community as a whole or the state.