What Is Significant About Herodotus' Histories

question 14

Multiple Choice

What is significant about Herodotus' Histories?

• A) Herodotus was the first Greek historian and his work tells of Xerxes' invasion of Greece.
• B) He was the primary strategist for Darius, recounting stories of military battles as strategic lessons.
• C) He was an Athenian statesman and general who saved Athens by predicting an attack.
• D) He was the founder of the political system of demes that eventually became a democracy.

---

Definitions:

Normal Profit

The profit level that allows a business to cover its costs, including the opportunity cost of capital, without making an economic profit.

Economic Cost

The total cost of choosing one action over another, including both explicit costs (direct payments) and implicit costs (opportunity costs).

Uninsurable Risks

Risks that are too unpredictable or certain to occur, making it impossible for insurance companies to accurately price or offer coverage.

Nominal Rate of Interest

The rate of interest before adjustments for inflation, reflecting the market rate at which money can be borrowed.