The Portuguese Explorer Who First Attempted to Circumnavigate the World

question 32

Multiple Choice

The Portuguese explorer who first attempted to circumnavigate the world in the early 1500's was:

• A) Magellan.
• B) Forbes.
• C) Thompson.
• D) Cook.

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Definitions:

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a good or service and the actual price they do pay.

Market Forces

The natural factors of supply and demand that determine prices, production levels, and resource allocation in a freely competitive economy.

Resistance Price

A price level at which an asset meets pressure on its way up due to a concentration of selling interest, often used in technical analysis of financial markets.

Willingness to Pay

The maximum amount an individual or entity is prepared to spend to purchase a good or service or to avoid something undesirable.