In the Context of Commerce and Industry, Which of the Following

question 22

Multiple Choice

In the context of commerce and industry, which of the following is true of Europe in the eighteenth century?

• A) Urbanization was the greatest sign of economic advancement.
• B) Agriculture was the greatest single industry and source of wealth.
• C) Most industry was carried on in large cities rather than in the country.
• D) Russia was the chief industrial center of Europe.

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Definitions:

Fixed Costs

Costs that do not change with the level of production or sales, such as rent, salaries, or insurance.

Operating Income

Operating income is the profit realized from a business's core operations, excluding deductions of interest and taxes.

Variable Cost

Costs that change in proportion with the level of output or production activity.

Fixed Costs

Overheads such as rent, salaries, and insurance that do not fluctuate with the level of goods produced or sold.