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Author Question: What was the main cause for the reversal-of-fortune of many countries? What will be an ideal ... (Read 73 times)

jon_i

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on: Jun 30, 2018
What was the main cause for the reversal-of-fortune of many countries?
 
  What will be an ideal response?

Question 2

Aggregate demand refers to the relationship between
 
  A) the price level and the quantity of real GDP supplied.
  B) prices and the quantity of a good supplied.
  C) the price level and the quantity of real GDP demanded.
  D) prices and the quantity of a good demanded.


vickybb89

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Reply #1 on: Jun 30, 2018
Answer to Question 1

The reversal-of-fortune can be attributed to the nature of the institutions set up in European colonies around the world. European colonialism was driven by profit motive, and hence, they set up extractive institutions in places that were previously more developed. This drained out the economic prosperity from these well-performing nations and reversed their fortunes. On the other hand, inclusive institutions were set up in places that were previously less developed. This encouraged growth and reversed their fortunes.

Answer to Question 2

C


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