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Not sure if you mean a specific Google API or APIs in general.
Most APIs don't really allow you to profit from them. By using an API you are really using third party information which they own so if you read the Terms for these APIs most will say that they can only be used for non-commercial purposes.
Some may make you pay for having a commerical application while most don't even allow you to use their APIs commerically. Thats why if you look at many mashups (which use APIs) most of them don't have any ads of any kind which means they don't make money.
Skinny
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