Heidi quit her job as a chef making $40,000 per year to start her own restaurant. The first year, Heidi's restaurant earned $100,000 in revenue. Heidi pays $50,000 per year in wages to the waitresses and hostess and $20,000 per year to buy food
What is Heidi's profit as measured by an accountant for the year? A) $80,000
B) $50,000
C) $30,000
D) -$10,000
C
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Money prices are an extremely effective device for promoting social cooperation because
A) most people want money more than they want anything else. B) people are basically selfish. C) scarcity can be eliminated through appropriate changes in money prices. D) they don't change rapidly when circumstances change. E) they help to clarify the options available to people.
Which statement is most likely correct about supply?
a. When economists refer to supply, they are referring to a certain point on the supply curve, or a quantity on the supply schedule. b. When economists refer to supply, they are referring to the relationship between a range of prices and the quantities supplied at those prices. c. When economists refer to supply they are referring to a specific point on the curve, not the entire curve. d. When economists refer to supply, they are referring to the relationship between a range of prices and the quantities demanded at those prices.
If a nation is going to achieve and sustain a high rate of economic growth, it must
What will be an ideal response?
Which of the following is a gain from trade?
A. A higher price level for all trading countries. B. A shorter workweek for all trading countries. C. A level of self-sufficiency for all trading countries. D. A higher standard of living for all trading countries.