Multiple Choice
Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products.For his wife's birthday, he designs and creates an intricate birdseye maple jewellery box that takes him 15 hours to complete.How is GDP affected by Scott's efforts?
A) GDP rises by $1,875.
B) GDP is not affected by Scott's production of the jewellery box.
C) GDP rises by $125.
D) GDP falls by $1,875.
E) GDP rises by $1,875 less the cost of the materials Scott uses.
Correct Answer:

Verified
Correct Answer:
Verified
Q20: The circular flow of income shows that
Q99: One reason why consumption accounts for more
Q104: In 2017, Kendall Ford, an automobile dealership,
Q105: "Household production" refers to<br>A)the manufacturing of durable
Q106: If an economy's exports rise by $8
Q107: Nominal GDP is GDP in a given
Q108: Which of the following would increase gross
Q124: People complain that inflation increases the cost
Q142: Give two reasons why GDP does not
Q251: Japan experienced periods of deflation-a declining price