The Year 1648 Represents a Dividing Line in European History

question 76

Multiple Choice

The year 1648 represents a dividing line in European history because

• A) it was the year that Vasco da Gama landed at the Seven Cities of Cibola, bringing large amounts of silver and gold into the Portuguese economy, but also wage and price inflation.
• B) the Sino-French war ended that year.
• C) the Congress of Europe phase of diplomacy began, signaling a desire to end ethno-nationalism.
• D) the Thirty Years' War ended that year, bringing with it a new template for relations in the international system.

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Definitions:

Opportunity Cost

The benefit, profit, or value of something that must be given up to acquire or achieve something else.

Make or Buy Decision

The process of deciding whether to produce a good or service in-house or to purchase it from an external supplier.

Fixed Manufacturing Overhead

Fixed manufacturing overhead consists of expenses that do not change with the level of production, such as rent, depreciation, and salaries of permanent staff.

Special Order

A one-time order that is not part of the company's usual ongoing operations, often requiring a deviation from standard pricing and production procedures.