In the Early 1700s, the Ottomans Instituted the Following Reforms

question 38

Multiple Choice

In the early 1700s, the Ottomans instituted the following reforms, EXCEPT:

• A) Went on a "gold standard" to stimulate trust in their paper money.
• B) Cut the janissary rolls by half.
• C) Enlisted Anatolian farmers into the military.
• D) Sold lifelong tax farms (life leases) to wealthy courtiers, officers, and administrators.

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Definitions:

Opportunity Cost

The cost of foregone alternatives, representing the benefits one could have received by taking a different decision.

Substitution Effect

The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another.

Demand Curve

A curve showing the relation between the price of a good and the quantity consumers are willing and able to buy per period, other things constant.

Market Demand Curve

A graphical representation that depicts the total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.