A document describing how much profit or loss was earned by a business over a given length of time is called
a. a balance sheet
b. an income statement
c. a statement of cash flows
d. a profit-and-loss statement
d. a profit-and-loss statement
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Considering a PPF with health care services on the vertical axis and other goods and services on the horizontal axis, the increasing production of health care services in the United States as a result of the aging population represents
A) a movement upward along the PPF. B) an outward shift of the PPF from the vertical axis. C) an outward shift of the PPF from the horizontal axis. D) a movement downward along the PPF.
Answer the following statements true (T) or false (F)
1. The tax base is the percentage at which the tax is levied. 2. A sales tax is sometimes said to be regressive because the rate at which it is assessed declines as more and more taxable items are purchased. 3. The sales tax is proportional with respect to the tax base of the amount of purchases. 4. Automobile license fees and gasoline taxes are based on the benefit-received theory of taxation. 5. An excise tax can be shifted relatively easily.
Inflation has never been a major problem in the U.S
a. True b. False
Discuss the actions a cartel can take to help it sustain its market power and longevity.
What will be an ideal response?