The reversal of fortune in terms of population density suggests that:
A) areas with a higher population density in 1500 are today relatively less prosperous.
B) areas with a higher population density in 1900 are today relatively less prosperous.
C) areas with a higher population density in 1900 are today relatively more prosperous.
D) areas with a higher population density in 1500 are today relatively more prosperous.
A
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Which price index tends to understate the impact of price changes on consumers?
A) Chain-weighted index B) Laspeyres index C) Paasche index D) Ideal cost-of-living index
Which of the following statements correctly defines the law of demand?
a. The lower the price of a commodity, the lower the quantity demanded of that commodity. b. As the price of a commodity increases, the quantity demanded of that commodity also increases. c. The lower the price of a commodity, the greater the quantity demanded of that commodity. d. The lower the price of a commodity, the greater the quantity supplied of that commodity. e. The quantity demanded of a particular good decreases with an increase in the price of a substitute good.