The Belief That Geography Can Influence Economic Policy, and Hence

question 1

Multiple Choice

The belief that geography can influence economic policy, and hence economic growth rates, goes back to

• A) Adam Smith.
• B) Amartya Sen.
• C) Plato.
• D) Aristotle.
• E) Karl Marx.

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Definitions:

Demand Curve

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

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Perfectly Inelastic Demand

A situation in which the demand for a product does not change as the price changes.

Perfectly Elastic Supply

describes a market situation where the quantity supplied can change infinitely in response to any change in price.