Last year Sam's Hamburger Shop paid all its expenses, including wages, salaries, rent, and all inputs. The $18,000 remaining last year was
a. interest
b. NNP
c. proprietor's income
d. GDP
e. NDP
C
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Answer the following statements true (T) or false (F)
1) Refer to the diagram. If this represents a typical firm in the industry and the firm is producing at the profit-maximizing level of output in the short run, then in the long run we would expect more firms to enter the market.
2) Refer to the diagram. If this represents a typical firm in the industry and the firm is producing at the profit-maximizing level of output in the short run, then in the long run we would expect economic profits in this market to rise.
3)Refer to the diagram. If this firm is producing at the profit-maximizing level of output in the short run, then it is achieving productive and allocative efficiency.
Our merchandise balance of trade has been negative since the year
A. 1971. B. 1976. C. 1981. D. 1986.