The Term "Columbian Exchange" Describes

question 64

Multiple Choice

The term "Columbian Exchange" describes:  

• A) the exporting of precious metals from the New World and the importing of African slaves to the New World.
• B) the gifts Columbus brought to and received from Native Americans.
• C) the trade in Native American furs for European horses and other goods.
• D) the transfer of plants, animals and diseases between the Old and New Worlds.
• E) None of these choices.

---

Definitions:

Specialization

The process of focusing on and becoming expert in a particular area of production or knowledge to increase efficiency.

Falling Costs

A situation where the expenses associated with producing a good or service decrease, often leading to lower prices for consumers.

Economies of Scale

The cost advantage that arises with increased output of a product, where average costs start to fall as production scales up.

Marginal Returns

denotes the additional output obtained by adding one more unit of a specific input, while keeping other inputs constant.