Bill,age 40,is Married with Two Dependents

question 4

Multiple Choice

Bill,age 40,is married with two dependents.Bill had the following items for the year 2012: Based on the above information,what is the net operating loss for Bill and his spouse for the year 2012?

• A) $0.
• B) $5,000.
• C) $7,000.
• D) $12,000.
• E) None of the above.

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Definitions:

Fertile Land

Soil or land that is rich in nutrients, making it highly productive for agriculture.

Scarcity

A situation in which available resources are insufficient to satisfy all wants and demands.

Recessions

Periods of temporary economic decline during which trade and industrial activities are reduced, generally identified by a fall in GDP in successive quarters.

Macroeconomics

The branch of economics that is concerned with the overall ups and downs in the economy.