In Economics,the Total Amount Received for Selling a Good or Service

question 105

Multiple Choice

In economics,the total amount received for selling a good or service is referred to as

• A)revenue.
• B)profit.
• C)capital gains.
• D)factor payments.

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Definitions:

Consumption Tax

A consumption tax is a tax on the money people spend rather than the money people earn. It includes sales taxes, value added taxes (VAT), and others.

Means Testing

A method for determining eligibility for certain forms of government assistance based on the applicant's financial means or income level.

National Debt

The total amount of money that a country's government has borrowed, by various means.

Budget Deficits

The situation when a government's expenditures exceed its revenues within a specific period, leading to borrowing or debt accumulation.