A Key Difference Between Western European Voyages of Exploration and Those

question 12

Multiple Choice

A key difference between Western European voyages of exploration and those carried out by China during the fifteenth century was that

• A) European explorers had the benefit of financial support from their governments.
• B) Confucian philosophy supported the idea of trade and exploration as virtuous activities.
• C) Asia was rich and Europe relatively poor.
• D) Europeans were ahead in terms of navigational and shipbuilding technology by the early fifteenth century.

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Definitions:

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be used by anyone without preventing others from using them as well.

Not Excludable

A characteristic of a good or service that does not allow producers to prevent its use by non-paying consumers, often leading to market failure.

Free Riders

Individuals who benefit from resources, goods, or services without paying for them, often leading to under-provision or depletion of those resources.

Club Goods

Items that are non-rivalrous but excludable, meaning that one person's use does not reduce availability to others but access can be restricted, typically through a membership fee.