Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to nominal GDP in 2015 was ________ and in 2016 was ________.
A. $80,000; $99,000
B. $88,000; $90,000
C. $80,000; $90,000
D. $80,000; $88,000
Answer: A
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The marginal propensity to import is larger in Mexico than in the United States. As a result,
A) there is less autonomous investment in Mexico. B) the expenditure multiplier is larger in Mexico. C) the expenditure multiplier is larger in the United States. D) induced expenditure is larger in Mexico. E) there is more autonomous expenditure in Mexico.
The real interest rate, business taxes, expected profits and business confidence, and capacity utilization are embedded in the slope of the investment function
Indicate whether the statement is true or false
Nominal GDP was $10,624 billion in year 1 and the GDP price index was 104. Nominal GDP was $11,246 in year 2 and the GDP deflator that year was 106. What was real GDP in years 1 and 2, respectively?
a. $9,983 billion and $10,111 billion b. $10,215 billion and $10,609 billion c. $10,022 billion and $10,813 billion d. $10,624 billion and $11,246 billion
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.