If Jack refinished his basement himself, the value of his work
A) is not included in Gross Domestic Product (GDP).
B) is included in Gross Domestic Product (GDP).
C) is only included in Gross Domestic Product (GDP) if he uses U.S. made components.
D) is included in the next year's Gross Domestic Product (GDP).

Question

Quizplus · Accepted Answer

The value of Jack's work in refinishing his basement himself is considered unpaid labor and is not part of GDP. GDP only includes the value of goods and services produced within a country during a specific time frame and sold in the market. Since Jack did not sell any services or goods in the market, the value of his work is not included in GDP.

If Jack Refinished His Basement Himself, the Value of His