"The Year of Africa" Refers to

question 19

Multiple Choice

"The year of Africa" refers to

• A) the creation in 1960 of the United Federation of African Nations.
• B) the winning of independence in 1960 of thirteen former European African colonies.
• C) a plague in 1960 that devastated the populations of the nations of east Africa.
• D) a massive worldwide aid program to Africa launched in 1960.
• E) the creation in 1960 of the state of Liberia.

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Definitions:

Quantity Demanded

The amount of a product that consumers are willing and able to purchase at a given price.

Price Falls

A decrease in the cost of goods or services in the market.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in its price, with high elasticity indicating a significant response to price changes.

Sensitivity of Quantity

The responsiveness of the quantity demanded or supplied of a product to changes in its price or other factors.