Institutional reversal refers to the fact that:
A) the same institutions that were highly inclusive in the year 1500 slowly changed into extractive institutions as a result of modernization.
B) Europeans established more extractive institutions in places that were previously more developed, and set up more inclusive institutions that were previously less developed.
C) Europeans established more extractive institutions in places that were previously less developed, and set up more inclusive institutions that were previously more developed.
D) the same institutions that were highly extractive in the year 1500 slowly changed into inclusive institutions as a result of modernization.
B
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Buying a newly issued bond implies:
a. borrowing money from a private bank. b. taking over the ownership of the issuing firm. c. lending money to the issuing firm. d. paying the price for a service rendered by the issuing firm. e. borrowing funds from international organizations.
Other things the same, as the price level rises, the real value of money
a. and the exchange rate rise. b. and the exchange rate fall. c. rises and the exchange rate falls. d. falls and the exchange rate rises.