Julia prepares tax returns and does bookkeeping. Last year her revenues from the tax and bookkeeping business were $150,000 . and her expenses for the business were $15,000 . When she started her tax and bookkeeping business, Julia gave up her supplemental job doing in-home pet sitting. She used to earn $10,000 per year from pet sitting. Assume that she incurred no costs for her pet sitting
business. Julia's economic profits are
a. $160,000.
b. $150,000.
c. $135,000.
d. $125,000.
d
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Proprietorships generally have unlimited liability, whereas partnerships and corporations have limited liability
Indicate whether the statement is true or false
The income effect explains why there is a direct relationship between the price of a product and the quantity of the product demanded
Indicate whether the statement is true or false
Real GDP =________ where the price level is the ________
A) Nominal GDP × Price level; GDP deflator B) Nominal GDP ÷ Price level; GDP deflator C) Nominal GDP ÷ Price level; CPI D) Nominal GDP × Price level; CPI E) none of the above
Henelyn lost her job as a factory worker when she was replaced by a robotic machine. Now she is looking for a new job. Henelyn is
A) cyclically unemployed. B) structurally unemployed. C) not unemployed. D) frictionally unemployed. E) none of the above.