Suppose we know the following about a lawn repair business: wages $15,000, profits $4,000, tax $ 3,000, parts $ 9,000. What is the contribution to GDP of this business using the product approach?
A) $31,000.
B) $27,000.
C) $26,000.
D) $22,000.
D
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Refer to Table 1-3. What is Ivan's marginal benefit if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $30 D) $91.67
While you were an intern you bought 5 packages of hot dogs a month. After acquiring a full-time job with a considerable higher salary, you stopped purchasing hot dogs. For you, hot dogs are
a. Complementary good b. Normal good c. Inferior good d. Substitute good
Consider the same monopoly situation as in the previous question. The monopoly price is
a. 8 b. 46 c. 54 d. 92
In the Keynesian aggregate expenditure model, the 45-degree line indicates:
a. amounts households plan to spend at each possible level of income. b. amounts households plan to save at each possible level of income. c. all income levels at which the planned spending of decision makers equals total output. d. all income levels at which the marginal propensity to consume is one.