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Paul sells $500k of Lumber to George. George uses this lumber to produce $2M of Furniture, then sells that Furniture to Ringo’s Retail store. Ringo sells the Furniture purchased from George for

Paul sells $500k of Lumber to George. George uses this lumber to produce $2M of Furniture, then sells that Furniture to Ringo’s Retail store. Ringo sells the Furniture purchased from George for

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Paul sells $500k of Lumber to George. George uses this lumber to produce $2M of Furniture, then sells that Furniture to Ringo’s Retail store. Ringo sells the Furniture purchased from George for $3M to consumers. How much GDP was created? Group of answer choices GDP created = $1M GDP created = $5.5M GDP created = $500k GDP created = $3M
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