In the Aftermath of Columbus and Voyages of Encounter, Europeans

question 49

Multiple Choice

In the aftermath of Columbus and voyages of encounter, Europeans believed the first humans in the Americas might have been

• A) Chinese pirates.
• B) the lost tribes of Axum.
• C) Phoenician seafarers from Carthage.
• D) Mongol tribesmen.
• E) ancient Sumerians.

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Definitions:

Marginal Revenue Product

The additional revenue generated from hiring one more unit of labor or other input.

Complementary Inputs

Goods or services that are used together in production and whose use is interconnected, such that an increase in demand for one increases the demand for the other.

Marginal Physical Product

The marginal physical product is the change in output resulting from employing one more unit of a particular input, holding other inputs constant.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with cheaper alternatives.