England Began to Take Greater Interest in Overseas Exploration as a Result

question 15

Multiple Choice

England began to take greater interest in overseas exploration as a result of all of the following EXCEPT

• A) economic depression that made people look for new opportunities.
• B) commercial success in Scandinavia, India, and the Middle East that raised hope for other market expansion.
• C) wool merchants who wanted new markets.
• D) improved ships that sailed faster and carried more cargo than before.

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Definitions:

Long Run

A period in which all inputs, including capital, are variable, allowing firms to adjust all factors of production.

Economic Costs

The comprehensive expense incurred from selecting one option over another, covering both direct and indirect costs.

Own Capital

The personal resources that an investor or business owner invests into a business venture.

Economic Costs

Total expenses incurred in the production of goods and services, including both explicit and implicit costs.