Ferdinand Magellan Was Recognized for What Accomplishment

question 21

Multiple Choice

Ferdinand Magellan was recognized for what accomplishment?

• A) Rounding the Cape of Good Hope.
• B) Sailing from Europe to India and back.
• C) Sailing around the world.
• D) Reaching South America.
• E) Exploring the interior of Canada.

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Definitions:

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be used by anyone without preventing others from using them as well.

Not Excludable

A characteristic of a good or service that does not allow producers to prevent its use by non-paying consumers, often leading to market failure.

Free Riders

Individuals who benefit from resources, goods, or services without paying for them, often leading to under-provision or depletion of those resources.

Club Goods

Items that are non-rivalrous but excludable, meaning that one person's use does not reduce availability to others but access can be restricted, typically through a membership fee.