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vu is a woodworker and charges $250 an hour for his time manufacturing custom-made wood products. For his wife's birthday, he designs and creates an
vu is a woodworker and charges $250 an hour for his time manufacturing custom-made wood products. For his wife's birthday, he designs and creates an intricate birds-eye maple jewellery box that takes him 20 hours to complete. By how much and in what direction does GDP change as a result of his efforts?
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GDP rises by $5 000.
GDP is not affected by Vu's production of the jewellery box.
GDP rises by $250.
GDP falls by $5 000.
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