Refer to Scenario 7.5 below to answer the question(s) that follow.SCENARIO 7.5: You own and are the only employee of a company that customizes bicycles. Last year your total revenue was $60,000. Your costs for rent and supplies were $25,000. To start this business you invested an amount of your own capital that could pay you a $45,000 a year return.Refer to Scenario 7.5. During the year your economic costs were
A. $25,000.
B. $35,000.
C. $45,000.
D. $70,000.
Answer: D
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Fixed cost increases when output rises.
Answer the following statement true (T) or false (F)
Refer to the above graph. Which of the following statements about combination G is true?
a. The nation cannot produce combination D. b. The nation would prefer to be at combination F than at combination G c. The nation can currently produce combination G. d. The nation cannot produce combination G because of insufficient resources and technology
Inflation is a rise in:
a. Industrial production b. The general level of prices over time c. The standard of living over time d. Real GDP
John Maynard Keynes stated that “In the long run we are all dead!” Explain what he meant by this.
What will be an ideal response?