What Was the Net Income (In Thousands of Dollars)for the Year

question 14

Multiple Choice

What was the net income (in thousands of dollars) for the year?

• A) $410.
• B) $110.
• C) $40.
• D) $180.= 910 - (130 + 520 - 150)- 160 - 140 = $110

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a product versus what they actually receive, usually seen as a measure of producer welfare.

Export Sector

The part of a country's economy that is involved in producing goods and services for sale in foreign markets.

Comparative Advantage

The ability of an individual or group to produce a good or service at a lower opportunity cost than others, leading to potential trade benefits.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive, due to the market price being higher.