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 to real GDP in 2015 was ________.
A. $80,000; $80,000
B. $88,000; $90,000
C. $80,000; $88,000
D. $80,000; $99,000
Answer: A
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Uber uses what is known as surge pricing to set prices based on the number of people who request rides at a given time in a given area. Based on this pricing method, prices will
A) fall when supply decreases. B) rise when demand decreases. C) rise when supply increases. D) rise when demand increases.
Which of the following statements is false? An economic analysis of carbon taxes can:
A) calculate the increase in costs faced by coal-using industries. B) predict the effect on unemployment in West Virginia coal mining communities. C) compare the likely reductions in medical expenditures on diseases caused by smog. D) present a trade-off of the costs and benefits of different levels of carbon taxes. E) conclude that such taxes should be imposed to benefit future generations.
Which of the following is FALSE?
a. To reduce cannibalization among products, reposition a product so that it does not directly compete with the other b. After acquiring a substitute product, lower prices on both the products c. After acquiring a complementary product, lower prices on both the products d. All of the above
Supporters of supply side economics believe that
a. government should be used as a tool to increase demand for goods b. demand for goods increases when prices rise c. taxes have a strong negative influence on economic output d. tax cuts have little impact on worker productivity