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 2014 is the base year, what was Bob's contribution to nominal GDP in the year 2016?
A. $24,800
B. $24,000
C. $21,000
D. $21,700
Answer: C
You might also like to view...
Everything else held constant, when prices in the art market become more uncertain
A) the demand curve for bonds shifts to the left and the interest rate rises. B) the demand curve for bonds shifts to the left and the interest rate falls. C) the demand curve for bonds shifts to the right and the interest rate falls. D) the supply curve for bonds shifts to the right and the interest rate falls.
The Fed sometimes works to partly offset or even neutralize the effects of fiscal policy with monetary policy
a. True b. False Indicate whether the statement is true or false
An increase in the market clearing exchange value of the home nation's currency in terms of the currency of another nation is a home currency
A. devaluation. B. depreciation. C. appreciation. D. revaluation.
A currency system in which exchange rates are determined in free markets is called a
A) gold standard. B) flexible exchange rate system. C) fixed exchange rate system. D) all of the above