Ms Marple's Books and Records for 2016 Reflect the Following

question 102

Multiple Choice

Ms. Marple's books and records for 2016 reflect the following information: $\begin{array}{|l|l|}\hline\text { Salary earned this year } & \$ 65,000 \\\hline \text { Interest on savings account (credited to her account } & 1,000 \\\text { In 2016, withdrawn in 2017) } & \\\hline \text { Interest on county bonds earned and collected in } & 2,000 \\\hline\end{array}$ What is the amount Ms. Marple should include in her gross income in 2016?

• A) $66,000
• B) $67,000
• C) $68,000
• D) $65,000

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Definitions:

Production Function

A mathematical model describing the relationship between the inputs used in production and the output of goods or services produced.

Long-Run Marginal Cost Curve

A graphical representation showing the change in total cost associated with producing one more unit of output when all inputs are variable.

Price of Labor

The compensation, including wages, salaries, and benefits, that employers pay to employees for their labor or work done.

Long-Run Cost Function

A representation of the total cost associated with production when all factors of production are variable.