In graph 1, the quantity shifts from q1 to q2. What change in graph 2 causes this to happen?
a. Demand decreases.
b. Demand increases.
c. Supply decreases.
d. Supply increases.
b. Demand increases.
Economics
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Nominal GDP is GDP in a given year
A) adjusted for inflation. B) adjusted for anticipated inflation. C) valued in the prices of that year. D) valued in the prices of the base year.
Economics
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 real GDP in 2016?
A. $24,800 B. $21,700 C. $24,000 D. $21,000
Economics