The best definition of profit is: 1. Total assets minus totalliabilities. 2. Tot

Question

The best definition of profit is:

1.     Total assets minus totalliabilities.

2.     Total sales minus total taxes.

3.     Total revenues minus total costs.

Which combination of policies would be the mostexpansionary?

1.     An increase in government spendingand taxes.

2.     A decrease in government spending andtaxes.

3.     An increase in government spendingand a decrease in taxes.

Which of the following would be an example of a pricefloor?

1. Controls on apartment rent in major cities.

2. Limiting interest charged by credit card companies.

3. Price controls during World War II.

4. Price supports for agricultural products.

Explanation / Answer

The best definition of profit is:

Which combination of policies would be the mostexpansionary?

3.     An increase ingovernment spending and a decrease in taxes.

Which of the following would be an example of aprice floor?

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