please help me to answer this multiple choice. thank you.
15. In accounting, profits are a. the difference between revenues and expenses b. the difference between commissions earned and receipts c. the difference between sales and expenses d. the sum of sales and expenses 16. In general, items that are not necessities or for which there are many substitutes are said to have a. inelastic demand c. no demand b. elastic demand d. reverse demand 17. In the case of supply, as price increases the quantity supplied a. decreases c. stays the same b. increases d. decreases then increases 18. Which of the following could cause a change in supply? 4. Price of substitutes C. Increased efficiency b. Changes in income d. Consumer tastes and preferences 19. If the costs of producing a particular product increase, the supply is likely to a. increase greatly C. decrease b. increase slightly d. remain the same 20. In order to graph a change in demand, how many demand curves are necessary (at least) ? C. b. 2 d. 21. Which of the following developments would most likely cause the supply curve for jeans to shift to the left? a. decreased interest rates b. increased labor productivity c. increased cotton prices d. decreased taxes 23. Which of the following are considered Basic Economic Principlest a. People choose because of limited resources. b. People respond to incentives in predictable ways. c. People's choices have consequences that lie in the future. d. All of the above. 23. All of the following can change the supply curve EXCEPT a. the cost of labor b. a change in the amount of taxes a business pays c. a change in the demand for the product d. the number of sellers offering the product 24, Which method would be most appropriate for constructing a demand curve? a. polling consumers C. polling producers b. polling wholesalers d. interviewing entrepreneurs 25. Which development would tend to increase the equilibrium price for apartment rentals? a. decreased availability of apartments b. increased supply of building materials c. surplus of mobile homes d. decreased demand for undeveloped land 26. A regular payment to an owner or landlord For the right to occupy of use property. a. Expense G. Rent b. Net Income d. Lease 27. A person of organization that owns property that is rented to tenants. a. Landlord C. American Dream b. Expense d. Net income 28. An interest-free time a lender allows between the transaction date and the billing date. a. Credit limit b. Grace Period C. Payment allocation d. Two-cycle billing 29. A person who rents a house or an apartment for a fixed period of time. This arrangement is usually under the terms of a lease of some asimilar legal agreement. a. Contract C. Utility b. Tenant d. Fixed expense 30. An agreement that requires a tenant to stay for a specific amount of time and restricts the landlord's ability to change the terms. a. Contract C. Budget b. Variable Expense d. Lease
