The European Explorations Beginning in the Fifteenth Century Resulted In

question 9

Multiple Choice

The European explorations beginning in the fifteenth century resulted in:

• A) a higher standard of living for most Europeans.
• B) an increase in slavery in the world.
• C) the greatest religious revival in Europe since the Crusades.
• D) the spread of democratic forms of government.
• E) all of these

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Definitions:

Import Quotas

Import quotas are government-imposed limits on the quantity or value of goods that can be imported into a country, used to protect domestic industries and regulate international trade.

Tariffs

Taxes imposed by a government on imported goods, often to protect domestic industries from foreign competition.

Opportunity Cost

The cost of foregone alternatives when a choice is made, representing the benefits that could have been received by taking an alternative action.

Comparative Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than its competitors.