
Acme Steel Co.produces 1000 tons of steel.Steel sells for $30 per ton.Acme pays wages of $10,000.Acme buys $15,000 worth of coal,which is needed to produce the steel.Acme pays $2,000 in taxes.Acme's profit is
A) $0.
B) $2,000.
C) $3,000.
D) $15,000.
E) $25,000.
Correct Answer:
Verified
Q2: Value added is equal to the value
Q3: Gross domestic product is defined as
A) the
Q4: Suppose that the government collects $3 million
Q5: The income-expenditure identity is best paraphrased as
A)
Q6: The expenditure approach to calculating GDP includes
A)
Q8: The three approaches to measuring GDP are
Q9: The income approach to calculating GDP includes
A)
Q10: The product approach to calculating GDP values
Q11: The expenditure approach is calculated as
A) C
Q12: GDP is published by Statistics Canada as
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