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) $21,000
B) $21,700
C) $24,000
D) $24,800
Correct Answer:
Verified
Q129: Assume an economy produces only footballs and
Q130: Assume an economy produces only footballs and
Q131: To compare the change in physical production
Q132: Assume an economy produces only hamburgers and
Q133: Comparisons of economic activity over time should
Q135: Bob's Barber Shop cut 3,000 heads of
Q136: Real GDP measures the _ of production.
A)change
Q137: Real GDP measures the _ of production;
Q138: Peg's Manicure Manor did 4,000 sets of
Q139: Bob's Barber Shop cut 3,000 heads of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents