Suppose a Firm Buys $1000 Worth of Inputs from Other

question 23

Multiple Choice

Suppose a firm buys $1000 worth of inputs from other firms,hires $1000 worth of labour services,and has sales revenue of $2500.The firm's resulting profit is $500.According to a value-added tax such as the GST,this firm would pay taxes on

• A)$500.
• B)$1000.
• C)$1500.
• D)$2500.
• E)$4500.

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Definitions:

Funeral Arrangements

The planning and execution of ceremonies and processes involved in the disposition of a deceased person, often including rituals and memorial services.

Decedent

A term for a person who has died, often used in legal contexts, especially in matters of estate and inheritance.

Will

A legal document in which a person states how he or she wants property and possessions distributed after death.

Assets

Resources with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.