According to the Ideas Expressed by Andrew Carnegie in His

question 105

Multiple Choice

According to the ideas expressed by Andrew Carnegie in his The Gospel of Wealth,

• A) successful businessmen had every right to live as they pleased.
• B) only pious Americans would prosper.
• C) it was the "Christian duty" of every American to become wealthy.
• D) the rich had great responsibilities to society.
• E) the wealthy had earned their money through God's blessing alone.

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Definitions:

Long Run

A period in economics where all factors of production and costs are variable, allowing companies to adjust to achieve the most efficient scale of operation.

Operating Profits

Earnings before interest and taxes (EBIT), representing the profit from a business's normal core business operations.

Short Run

In economics, a period during which at least one of a firm's inputs is fixed, limiting the firm's capacity to adjust to changes in demand.

Economic Profit

The total revenue minus explicit and implicit costs, representing the additional gain beyond breaking even.