Mercantilism and the Development of Cities as Entrepots Were Encouraged

question 42

Multiple Choice

Mercantilism and the development of cities as entrepots were encouraged in Europe during which time period?

• A) The fifteenth century
• B) The sixteenth century
• C) The seventeenth century
• D) The eighteenth century
• E) The nineteenth century

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Definitions:

Law of Diminishing Returns

An economic principle stating that if one factor of production is increased while others remain constant, the overall returns will eventually decrease after a certain point.

Marginal Cost

The financial outlay for making one extra unit of a product or service.

Capitalist Economy

An economic system where private individuals or businesses own capital goods, and the production of goods and services is based on supply and demand.

Employment Discrimination

Occurs when a job applicant or employee is treated unfavorably because of characteristics, such as race, gender, age, or disability, that are unrelated to their job performance.