Bob's Barber Shop cut 3,000 heads of hair in 2014 and 3,100 in 2015. The price of a haircut was $7 in 2014 and $8 in 2015. If 2014 is the base year, what was Bob's contribution to real GDP in 2014?
A. $21,700
B. $24,000
C. $21,000
D. $24,800
Answer: C
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Which of the following is not part of an oligopolist's business strategy?
A) determining the amount of advertising a new product needs B) deciding the level of total output of a new product C) meeting worker health and safety standards required of all firms D) setting the product's price after considering what rivals will do
The Federal Reserve views commercial bank use of the discount window as
A) something to be used only by commercial banks. B) completely up to the borrower. C) a privilege, not a right for eligible borrowers. D) something to be used only in financial panics.
A monopolist's demand function is P = 1624 - 4Q, and its total cost function is
TC = 22,000 + 24Q -4Q2 + 1/3 Q3, where Q is output produced and sold. a. At what level of output and sales (Q) and price (P) will total profits be maximized? b. At what level of output and sales (Q) and price (P) will total revenue be maximized? c. At what price (P) should the monopolist shut down?
The first money issued by a United States' governmental authority were
a. bank notes issued by the United States Treasury 1766, 10 years before the founding of the Republic b. silver certificates issued by the Federal Reserve on the eve of the American revolution c. Continental Notes issued by the Continental Congress to finance the Revolutionary War d. greenbacks issued by the Treasury to finance the War of 1812 e. gold certificates issued by the Federal Reserve during American revolution