Acme Steel Co. produces 1,000 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) $25,000.
B) $15,000.
C) $2,000.
D) $0.
E) $3,000.
Correct Answer:
Verified
Q20: An example of a flow would be
Q21: GDP may inaccurately measure the value of
Q22: Discouraged workers are
A)those who would like to
Q23: Investment spending is
A)much more volatile than consumption
Q24: The implicit GDP price deflator can be
Q26: If a particular measure of real GDP
Q27: Investment spending is
A)less volatile than GDP.
B)less volatile
Q28: The expenditure approach to calculating GDP includes
A)consumption.
B)taxes.
C)intermediate
Q29: For the following question(s), suppose that an
Q30: The income approach to calculating GDP includes
A)exports
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents