Greater-Than-Normal Profit Represents

question 70

Multiple Choice

Greater-than-normal profit represents

• A)Explicit costs minus implicit costs.
• B)Payment for entrepreneurship.
• C)Below-average returns to capital.
• D)Exploitation of workers.

---

Definitions:

Colonialism

The strategy or approach of gaining complete or partial political dominance over a different nation, settling it with colonizers, and utilizing it for economic gain.

European Empires

Refers to the dominions, colonies, and territories under the control of European countries that were established from the late 15th century onwards.

Common Assumptions

Widely held beliefs or ideas taken for granted without verification or evidence.

Native Cultures

The societal, religious, and cultural ways of life practiced by indigenous peoples around the world.