Bob's Barber Shop cut 3,000 heads of hair in the year 2000 and 3,100 in the year 2001. The price of a haircut was €7 in 2000 and €8 in 2001. If the year 2000 is the base year, what was Bob's contribution to real GDP in the year 2001? €24,000 O €24,800 €21,000 €25,000

Bob's Barber Shop cut 3,000 heads of hair in the year 2000 and 3,100 in the year 2001. The price of a haircut was €7 in 2000 and €8 in 2001. If the year 2000 is the base year, what was Bob's contribution to real GDP in the year 2001? €24,000 O €24,800 €21,000 €25,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Bob's Barber Shop cut 3,000 heads of hair in the year 2000 and 3,100 in the year 2001. The price of a haircut
was €7 in 2000 and €8 in 2001. If the year 2000 is the base year, what was Bob's contribution to real GDP in
the year 2001?
O €24,000
E24,800
E21,000
€25,000
€21,700

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