The English Attempt to Establish a Colony on Roanoke Island

question 12

Multiple Choice

The English attempt to establish a colony on Roanoke Island resulted in

• A) a severe blow to Spanish power.
• B) a permanent English presence in North America.
• C) a severe blow to English power.
• D) the execution of Sir Walter Raleigh.
• E) the disappearance of the colonists.

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Definitions:

Consumer Surplus

The benefit obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay.

Optimal Consumption

refers to the situation in which a consumer allocates their income in a way that maximizes their overall satisfaction or utility, given their preferences and the prices of goods and services.

Demand Schedule

A demand schedule is a table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good.