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 2016 is the base year, what was Bob's contribution to nominal GDP in 2017?
A) $21,000
B) $21,700
C) $24,000
D) $24,800
Correct Answer:
Verified
Q134: Bob's Barber Shop cut 3,000 heads of
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
Q140: Assume an economy produces only hamburgers and
Q141: Peg's Manicure Manor did 4,000 sets of
Q142: GDP excludes important factors that affect people's
Q143: If you knew that two countries had
Q144: Countries with high real GDP tend to
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