All of the Following Are Correct Except as a Result

question 36

Multiple Choice

All of the following are correct except as a result of their empires in the New World and Asia,

• A) the Dutch became a major trading power, especially in Asia.
• B) Spain imported riches in gold, silver, hides, and agricultural products.
• C) Portugal imported Asian spices, jewels, silk, carpets, and perfumes.
• D) the development of the modern world economy began.
• E) England seized Greenland from Denmark.

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the sensitivity of consumers to price changes.

Normal Goods

Normal goods are goods whose demand increases when consumer income rises, and decreases when consumer income falls, opposite to inferior goods.

Perfect Substitutes

Goods that can completely replace each other in consumption, resulting in consumers being indifferent to which product they consume.

Income Elasticity

A measure of how the demand for a good or service changes with a change in the consumer's income.