The Delegates at the Constitutional Convention Stipulated That the New

question 71

Multiple Choice

The delegates at the Constitutional Convention stipulated that the new Constitution be ratified by

• A) state conventions.
• B) state legislatures.
• C) popular referendum.
• D) majority vote in the Congress.
• E) the judiciary.

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Definitions:

Profit

The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Production Function

A mathematical expression that describes the relationship between input factors of production (like labor and capital) and the output of goods or services.

Labor

Labor refers to the human effort, both physical and mental, used in the production of goods and services.

Output

The quantity of goods or services produced in a given time period by a firm, industry, or economy.