What Relatively Recent Change Has Undermined the Economic Basis of the Indian

question 45

Multiple Choice

What relatively recent change has undermined the economic basis of the Indian caste system?

• A) cash payments for services
• B) democratic elections
• C) public education
• D) marriage between castes

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Definitions:

Equivalent Variation

A measure of the change in wealth needed to maintain a consumer's utility level constant before and after a price change.

Price Decreases

A reduction in the cost at which goods and services are sold in the market.

Net Seller

An individual or entity that sells more of a security, commodity, or other assets than they buy in a given period.

Quasilinear Preferences

Preferences where the utility function is linear in one argument, often money, which allows for easy analysis of changes in welfare from different quantities of goods.