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?

The term "balance of trade" refers to the:

a. importing and exporting of goods. b. importing and exporting of goods and services. c. current account trade balance. d. capital outflows minus inflows.

The last time a recession hit the country of Valtonia, the price of real estate fell significantly. When Craig learns that this country's stock market has crashed, he immediately decides to sell his houses. This is an example of the theory of _____

a. absolute advantage b. rational expectations c. adaptive expectations d. sticky wages