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 nominal GDP in the year 2014?
A. $24,000
B. $21,700
C. $24,800
D. $21,000
Answer: D
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If people's incomes decrease, their demand for other currencies shifts to the right
a. True b. False Indicate whether the statement is true or false
Uncertainty may cause banks to hold larger excess reserves. Other things being constant, this will: a. have no effect on the volume of loans or the money supply
b. tend to reduce both the volume of loans and the money supply. c. tend to increase both the volume of loans and the money supply. d. tend to increase the volume of loans but reduce the money supply.
A good research question should not be backed by time series data.
Answer the following statement true (T) or false (F)
Exhibit 8-12 Marginal revenue and cost per unit curves
As shown in Exhibit 8-12, if the firm's price is OD, the firm will supply
A. zero units of output because it is unprofitable. B. X units and incur a loss. C. Y units and break even. D. Z units and make an economic profit.