Ferdinand of Aragon and Isabella of Castillo Agreed to Finance

question 13

Multiple Choice

Ferdinand of Aragon and Isabella of Castillo agreed to finance Christopher Columbus' voyage westward into oceanic unknowns for all of the following reasons, EXCEPT:

• A) Portugal controlled the round-Africa water route to India.
• B) As monarchs of a new Spanish nation they were eager to outstrip their Portuguese rivals.
• C) They wanted to tap the wealth of the Indies.
• D) Their young new nation state was able to shoulder the formidable tasks of conquest and discovery.
• E) A rapidly growing Spanish population was eager for new lands to settle and colonize.

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Definitions:

Economic Profits

Profits exceeding the opportunity costs of a firm's resources, indicating it is surpassing the next best alternative.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for slight control over prices.

Product Variety

Product variety refers to the assortment or range of different products or services that a company offers to cater to diverse customer preferences.

Productive Inefficiency

A situation where resources are not used in the best possible way, leading to higher costs or wasted resources in the production of goods and services.