Gross profit does NOT include:
A) Rent of land owned by the firm
B) Pure profit
C) Interest on capital owned by firm
D) Taxes
Correct Answer:
Verified
Q8: In economics capital refers to:
A)Money
B)High quality goods
C)Trade
Q9: Professor Knight is famous for his theory
Q10: Profits:
A)Are residual payment
B)Are pre-determined
C)Are fixed contract
D)Are always
Q11: Profits:
A)Are lower in the long run than
Q12: Profits arise because an entrepreneur:
A)Prepares plan
B)Innovates
C)Lends money
D)Both
Q14: Some economists say that profit earner is
Q15: Risks in the business arise because of:
A)Introduction
Q16: According to Professor Knight risks are of
Q17: This is not a function of the
Q18: According to Modern Theory of Rent, rent
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