The existence of the underground economy causes gross domestic product (gdp) statistics to understate the true volume of economic activity. An underground economy unrecorded and untaxed economic activity by the government. An underground economic is also known as the black market. Gross domestic product also know as GDP is the total value of goods and services provided in a country during one year.
Answer:
a. independent retailer
Explanation:
An independent retailer is a businessperson who owns and manages a retail shop. The retailer either has bought or started the business from the ground. He or she makes all the decisions relating to the business including staffing, sales, financing, and operation time.
An independent retailer has the freedom to decide the type of business and its location. Entry into this type of business is easy. Freedom to do what the retailer wants is one advantage of this type of business.
As the venture is privately owned, the independent retailer has full authority over the business, as if fully responsible for its success or failure. Many businesses of this nature will fail in the first years of operations, mainly due to the lack of a business plan.
Proof of income statement.
Revenue
Service revenue 38300
Expense
Salaries and wages expense 15700
Insurance Expense 2300
Rent Expense 4600
Supplies expense 1200
Depreciation Expense 1400
Total expense 25200
Net income 13100
Sales are the sum of the revenue generated from the sale of goods or services related to the company's main activities. Income, also known as gross income, is often referred to as the "top line" because it is at the top of the income statement. Income or net income is the total profit or profit of the business.
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Answer:
Equilibrium price is $2.50
Quantity of wheat is 1,425 tons
Explanation:
Please refer to the attached file.