Bob's Barber Shop cut 3,000 heads of hair in 2016 and 3,100 in 2017. The price of a haircut was $7 in 2016 and $8 in 2017. If 2016 is the base year, what was Bob's contribution to real GDP in 2016?
A. $24,800
B. $21,700
C. $24,000
D. $21,000
Answer: D
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A public franchise is
A) an exclusive right granted to a firm to supply a good or service. B) a government issued license required to practice a profession. C) an exclusive right granted to an inventor of a product. D) a unique source of raw materials.
We would expect that policies to protect workers would:
A. lead to greater unemployment. B. lead to less unemployment. C. have no impact on unemployment. D. affect those seasonally unemployed more profoundly than other unemployed workers.
Which of the following factors will not affect the profit expectations of business firms and change the level of investment?
a. Entry of new firms into the market b. Introduction of new taxes c. Announcement of new government subsidies d. The current level of GDP e. The marginal propensity to consume
Which of the following is not a major determinant of the price elasticity of demand?
a. availability of close substitutes b. proportion of income spent on the good c. The supply of goods available d. amount of time that has elapsed since the price change