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 real GDP in 2016 was ________ and to nominal GDP in 2016 was ________.
A. $80,000; $90,000
B. $80,000; $99,000
C. $80,000; $88,000
D. $90,000; $99,000
Answer: D
You might also like to view...
When the rental price of capital is above the equilibrium price ________
A) we have an excess supply of capital and the rental price should fall B) we have an excess demand of capital and the rental price should fall C) we have an excess supply of capital and the rental price should increase D) we have an excess demand of capital and the rental price should increase E) none of the above
In general, the medium voter model can be described as a powerful model for _____
a. analyzing demand for public goods b. analyzing the dynamics of business cycles c. analyzing demand aggregation in a democracy d. analyzing the supply of politicians
On account of a massive construction boom in a country, the demand for iron ore increases substantially. This causes iron ore prices to escalate. Producers increase iron ore mining considerably in the short run, in spite of knowing that this will adversely affect future availability of ore. Which of the following is most similar to the scenario described above?
a. Corn producers hoard their supplies in order to induce a price hike. b. Petroleum manufacturers increase extraction in response to sky-rocketing fuel prices. c. The government of a country makes aforestation mandatory for lumber firms. d. Impressive revenue generation induces the government of a country to impose additional fuel surcharge. e. To discourage smoking, the government of a country increases sales tax on cigarettes.
A rise in a consumer's income causes his/her budget constraint to shift to the left
a. True b. False Indicate whether the statement is true or false