When Columbus First Encountered the Tainos, How Did He React

question 35

Multiple Choice

When Columbus first encountered the Tainos, how did he react?

• A) He assumed they were bloodthirsty killers.
• B) He said that they reminded him of residents of England.
• C) He concluded that they were simplistic innocents who could be Christianized.
• D) He wanted to sell them as slaves in earn gold.
• E) He assumed that they were stupid savages who were good for nothing.

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Definitions:

Coase Theorem

A principle that asserts under conditions of no transaction costs and well-defined property rights, parties will negotiate to correct externalities and allocate resources efficiently.

Bargaining Costs

Costs incurred during the process of reaching an agreement between two parties, typically including time, effort, and other resources spent in negotiation.

Property Rights

Legal rules stating what people or firms may do with their property.

Coase Theorem

A principle asserting that if property rights exist, and are transferable, externalities can be fully corrected through bargaining without government intervention.