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 2015?
A. $21,000
B. $24,800
C. $24,000
D. $21,700
Answer: B
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A) lower; increases; decrease B) raise; decreases; decrease C) lower; increases; increase D) raise; increases; increase E) lower; decreases; decrease
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Indicate whether the statement is true or false
As tax laws become more complex,
a. the administrative burden of taxes will increase. b. compliance costs are likely to decrease. c. the government will collect more in tax revenue. d. the amount of tax revenue lost to tax evasion will decrease.
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Fill in the blank(s) with correct word