The Central Principle of the Peace of Westphalia Was That

question 37

Multiple Choice

The central principle of the Peace of Westphalia was that the

• A) ruler of a given territory could determine the religion of that territory.
• B) people of a given territory could elect their own ruler.
• C) world system was based on competing classes.
• D) role of local judges should be constantly questioned.

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Definitions:

Budget Constraint

The limitations on the spending decisions of consumers based on their income and the prices of goods and services.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers.

Perfectly Inelastic

Perfectly inelastic describes a market scenario where the quantity demanded or supplied does not change regardless of price fluctuations.

Supply

The total amount of a certain good or service that is available for purchase at a particular price level and time.