Agriculture in the New World Was ___________ During the Sixteenth

question 54

Multiple Choice

Agriculture in the New World was ___________ during the sixteenth century.

• A) A source of sufficient export revenue for the Spanish
• B) An essential source of tropical goods for export
• C) Dramatically extending Europe's reach into warm-weather plants
• D) Peripheral to the economy of the Spanish empire

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Definitions:

Aggregate Demand

The total demand for all goods and services in an economy at a given overall price level and in a given period.

Macroeconomic Equilibrium

Occurs when aggregate demand equals aggregate supply in an economy, resulting in stable prices, full employment, and balanced economic growth.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a given period.

Quantity Supplied

The total amount of a specific good or service that producers are willing and able to sell at a given price over a certain period of time.