Peg's Manicure Manor Did 4,000 Sets of Nails in the Year

question 198

Multiple Choice

Peg's Manicure Manor did 4,000 sets of nails in the year 2011 and 4,500 sets of nails in the year 2012.The price of a set of nails was $20 in 2011 and $22 in 2012.If the year 2011 is the base year,Peg's contribution to real GDP in 2011 was _________ and in 2012 was ________.

• A) $80,000;$88,000
• B) $80,000;$90,000
• C) $80,000;$99,000
• D) $88,000;$90,000
• E) $90,000;$99,000

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Definitions:

Ethical Considerations

Refers to the moral principles and values that govern the actions and decisions in a work environment or study.

Behavioral Economics

An area within economics that investigates the influence of emotional, psychological, cognitive, social, and cultural elements on the economic decision-making of both individuals and institutions.

Tax Burden

The financial charge or other levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.

Economically Rational

Decision-making based on the principle of maximizing benefits while minimizing costs and resources.