Joanne left her last? job, in which she was earning? $50,000, in order to form her own consulting business. Her revenues for the first year of consulting were? $210,000. During that? year, she hired two assistants for? $25,000 each and spent? $25,000 on office equipment. In? addition, she incurred? $75,000 in miscellaneous expenses. Her accounting profit that first year was
A) $10,000.
B) $60,000.
C) $210,000.
D) $50,000.
Ans: B) $60,000.
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What is the most common reason people demand money?
A) Each bill and coin is a reflection of important people and events in a nation's history. B) Since very few of us engage in a flow of transactions, money is our financial safety net. C) People desire to use money as a medium of exchange when they buy goods and services. D) They demand money to ensure that the nation's government will not spend too much.
There is considerable evidence to support the assertion that legislated input combinations have reduced the costs of production in affected industries
Indicate whether the statement is true or false
Refer to Scenario 10.7. Suppose that the firm chooses to produce 200 ink pads. At this level of output the demand for ink pads is
A) inelastic. B) unit elastic. C) elastic. D) unit elastic.
Rent-seeking activities:
A. have no effect on society's welfare. B. require resources, and the net result is to reduce total welfare to society. C. require resources, but the net result is to increase total welfare to society. D. do not require resources.