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 nominal GDP in 2017?
A. $24,800
B. $21,000
C. $21,700
D. $24,000
Answer: A
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What does U.S. GDP intend to measure?
A) The market value of final goods and services produced by U.S. citizens during the course of a year B) The market value of all goods and services produced by U.S. citizens during the course of a year C) The market value of final goods and services produced within the U.S. during the course of a year D) The market value of all goods and services produced within the U.S. during the course of a year
The hypothesis that regulators eventually adopt policies that benefit the producers in the industry is known as the
A) capture hypothesis. B) producers' hypothesis. C) share-the-gains, share-the-pains hypothesis. D) it's-a-rip-off hypothesis.
The market equilibrium for a public good occurs at the intersection of the:
a. market supply curve and the individual demand curve. b. market supply curve and the marginal benefit curve. c. market supply curve and the market demand curve. d. social cost curve and the market demand curve.
You need a new computer, and you will need a loan in order to buy one. Which lender is most likely to charge you the highest interest rate on your loan?
(A) Savings bank (B) Savings and loan association (C) Credit union (D) Finance company