After Exploring the Atlantic Coast in the Late Sixteenth Century

question 3

Multiple Choice

After exploring the Atlantic coast in the late sixteenth century, an Englishman writes in his journal about untouched wilderness. What could this description mean to a European?

• A) The land was beautiful and made him think badly of and ultimately reject the European countryside.
• B) It would take the expedition too much effort to build a settlement, and such a settlement was almost sure to fail.
• C) The Native Americans had developed bustling metropolises in many areas along the Atlantic coast.
• D) The English believed the land was theirs for the taking, despite the possible presence of Native Americans.
• E) The area lacked any resources that the English could successfully exploit because it was so underdeveloped.

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Definitions:

Explicit Cost

Direct, out-of-pocket payments for expenses incurred in business operations, such as wages, rent, and materials.

Monetary Cost

The amount of money that must be paid or spent to acquire goods, services, or assets.

Implicit Cost

The opportunity costs that arise from using assets, resources, or funds in specific ways rather than the next best alternative.

Capital

The total value of assets owned by an individual or firm—physical assets plus financial assets.