Final answer:
The claim that the U.S. economy has shifted its focus from goods-providing businesses to service-providing businesses is true, with services comprising the largest part of the GDP and increasing over time, and significant growth in the trade of services.
Step-by-step explanation:
The answer is A. True. The U.S. economy has indeed moved from an emphasis on goods-providing businesses to service-providing businesses.According to data on trade in services, the U.S. economy has been running a surplus in service trade. The importance of services in the U.S. economy has expanded significantly over the last few decades.Services, such as healthcare, education, and legal and financial services, make up the largest part of the U.S. GDP and have been a growing share of the GDP over time.
The U.S. economy has indeed transitioned from an economy primarily focused on goods-providing businesses to one dominated by service-providing businesses. This is demonstrated by the fact that services now make up the largest part of the Gross Domestic Product (GDP), and the share of services in the GDP has been increasing over time. Industries such as healthcare, education, and legal and financial services are some of the leading service sectors. Furthermore, service jobs are now the norm, with many workers engaging in activities such as reviewing documents, using a computer, communicating with customers or colleagues, and telephone conferencing.
Additionally, when considering trade, the importance of services in the U.S. economy is markedly visible as the U.S. runs a trade surplus in services. Although trade in services is relatively small compared to goods, it has expanded significantly in recent decades. For instance, in 2015, U.S. exports of services were about half that of goods exports, up from one-fifth in 1980.