Refer to Scenario 7.2 below to answer the question(s) that follow. SCENARIO 7.2: You are the owner and only employee of a company that sets odds for sporting events. Last year you earned a total revenue of $100,000. Your costs for rent and supplies were $50,000. To start this business you invested an amount of your own capital that could pay you a return of $20,000 a year. Refer to Scenario 7.2. During the year your economic costs were
A. $70,000.
B. $60,000.
C. $50,000.
D. $20,000.
Answer: A
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Tax cuts aimed at businesses can stimulate
A) social spending. B) net exports. C) private consumption. D) investment spending.
Which of the following are criticisms of voucher programs?
a. They do not allow government to exercise enough control over education finance. b. Exclusionary admission standards under a voucher program would be unjust. c. Vouchers might be used at sub-standard schools. d. all of the above e. b and c
An increase in the demand for a product will shift the demand for labor used to produce the product:
a. downward. b. leftward. c. rightward. d. none of these, the curve will not shift.
As cities prospered and per-capita incomes increased, the demand for bus travel diminished. This suggests that:
A. cities could raise revenue by increasing bus fares. B. the demand for bus travel is price elastic. C. bus travel and automobile travel are complements. D. bus travel is an inferior good.