Last year Sam's Hamburger Shop paid all its expenses, including wages, salaries, rent, and all inputs. The $18,000 remaining last year was
a. interest
b. NNP
c. proprietor's income
d. GDP
e. NDP
C
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Wall Street bankers opposed the Second Bank of the United States. Their opposition was based on the idea that the Second Bank
a. lent too freely to the federal government. b. followed a monetary policy that favored stable prices even at the cost of a slower growing economy. c. followed a monetary policy that kept interest rates too high. d. favored Philadelphia because that was where the head office of the bank was located.
Which of the following properly matches the owner of a resource with the corresponding payment?
a. Land owners and rent b. Entrepreneurs and interest payments c. Laborers and profit d. Entrepreneurs and rent e. Capitalists and salaries
If personal taxes are increased by $10 billion, we can expect that consumers will reduce
a. spending by $10 billion. b. spending by more than $10 billion. c. spending by less than $10 billion. d. saving by $10 billion. e. saving by more than $10 billion.
The unemployment rate does not tend to fall as soon as the economy pulls out of a recession. Which of the following best explains this?
A. During recessionary periods, firms switch to more capital-intensive production techniques, so they do not need to increase employment as the economy pulls out of the recession. B. Firms are holding excess labor, so as the economy pulls out of the recession, firms do not need to hire new workers immediately. C. Firms' optimism about the state of the economy increased prior to the economy pulling out of the recession, so firms increased their employment earlier. D. Firms are not able to find qualified workers to fill the job vacancies.