Gross domestic product (gdp) is the total market value of all intermediate and final goods and services produced by an economy in a one-year period, measured at market prices.

a. True

b. False

Two firms, such as a small local, family-owned Italian restaurant and Olive Garden, share few markets and have little similarity in resources, but are nonetheless direct and mutually acknowledged competitors. true or false

Goals serve four very important purposes. Each purpose is related closely to one of the four functions of management.

For each of the following situations with regard to owner's contributions and withdrawals of the business, compute the amount of net income or net loss during June 2016. a. The owner contributed $ 10 comma 000 to the business and made no withdrawals.

Big Game, Inc., is a manufacturer of hunting supplies. The following is a summary of the company's annual payroll-related costs: Wages and salaries expense (of which $2,200,000 was withheld from employees' pay and forwarded directly to tax

Assume that Dr. Early is an independent contractor for Pharzime and was calling on a doctor at the hospital and the hospital wanted to order some Gensol. Dr.

Caesar, a single taxpayer, has a wage income of $75,000. He also has a short-term capital loss of $5,000, a short-term capital gain of $2,000, and a long-term capital gain of $3,000. What is Caesar's AGI for 2019? a) $72,000. b) $75,000. c) $77,000.

Ben's Border Café is considering a project which will produce sales of $16,000 and increase cash expenses by $10,000. If the project is implemented, taxes will increase from $23,000 to $24,500 and depreciation will increase from $4,000 to $5,500.

Taco Hut purchased equipment on May 1, 2018, for $15,000. Residual value at the end of an estimated 8-year service life is expected to be $4,000.

Seed Packets, Inc., a garden seed company, requires its customers to pay by check. Taylor, a Seed Packets driver, tells customers that they can pay her with cash. When Seed Packets learns of Taylor's collections, it does not act to stop them.

A restaurateur visits two restaurants with themes similar to his and prices his menu to approximate the prices charged for similar dishes at the other restaurants. What type of menu pricing tactic is he using