The Monarchy of Ferdinand and Isabella in Spain Was an Example

question 71

Multiple Choice

The monarchy of Ferdinand and Isabella in Spain was an example of the emergence of ________ in the 1400s.

• A) absolute monarchy
• B) sovereign states
• C) despotism
• D) enlightened absolutism

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Definitions:

Long Run

A period of time in economics where all factors of production and costs are variable, allowing for complete adjustment to changes in market conditions.

Fixed Resource

An asset or input whose quantity cannot be altered in the short run for the production of goods and services.

Explicit Costs

Direct, out-of-pocket payments for inputs or resources used by a business, easily identifiable and recorded.

Entrepreneurial Talent

The unique set of skills, insight, and intuition possessed by individuals that enables them to identify and exploit new business opportunities.