While GDP Includes Tangible Goods Such as Books and Bug

question 150

True/False

While GDP includes tangible goods such as books and bug spray, it excludes intangible services such as the services provided by teachers and exterminators.

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, aiming to harmonize the law of sales and other commercial transactions across state lines.

Public Policy

Principles and standards regarded by the legislature or by courts as being of fundamental concern to the state and the whole of society.

Original Obligor

The original party responsible for repaying a debt or fulfilling an obligation under the terms of a contract.

Creditor Beneficiary

A third party that benefits from a contract made between two other parties because the contract discharges a debt or duty owed to them.