Author Question: Scott is a woodworker and charges 125 an hour for his time manufacturing custom-made wood products. ... (Read 92 times)

vHAUNG6011 · **on:** Jun 29, 2018

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 jewelry box that takes him 15 hours to complete.

By how much and in what direction does GDP change as a result of his efforts?
A) GDP rises by 125.
B) GDP is not affected by Scott's production of the jewelry box.
C) GDP rises by 1,875.
D) GDP falls by 1,875.

Question 2

A decrease in Social Security payments will

A) decrease export spending. B) decrease investment spending.
C) decrease government spending. D) decrease consumption spending.