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

question 81

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 nominal GDP in 2011 was __________ and to real GDP in 2011 was _________

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

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Definitions:

Drafts

Written orders for the payment of a specified sum of money from one party to another, often used in international trade.

Documents

Documents are written, drawn, presented, or memorialized representations of thoughts, which serve as evidence or information.

Buyer

A person or organization that purchases goods or services from another business or individual, entering into a commercial transaction.

Judgment Rate

The interest rate set by law that is applied to monetary judgments awarded by courts.