A constituent assembly or constitutional assembly is a body or assembly of popularly elected representatives which is assembled for the purpose of drafting or adopting a constitution or similar document
Between the 1870s and 1900, Africa faced European imperialist aggression, diplomatic pressures, military invasions, and eventual conquest and colonization. At the same time, African societies put up various forms of resistance against the attempt to colonize their countries and impose foreign domination.
The Townshend acts produced controversy and anger amongst the American colonists. This led to protest, and only strengthened their resentment towards England.
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Americans will pay more for goods produced in Mexico in 2011. The value of the American dollar decreased because it is worth less Mexican pesos.
<u>Question 1</u>
The correct answer is: "FALSE".
The total revenue earned by a firm is computed using the formula:
R= price * quantity
According to the formula, if the term "price" increases, R would increase too. But an increase in price usually decreases the amount demanded by consumers of a certain product. Therefore, if quantity demanded drops in a higher proportion than the increase in price, the final total revenue would decrease. So the final effect depends on the size of the two variations.
<u>Question 2</u>
<u>The determinants of demand are the following:</u>
- Price: inversely related to the quantity demanded, as the larger the price the smaller the amount demanded of a product.
- Income of consumers: directly related. The larger the income earned by an economic agent, the larger the amount demanded of a normal good (there are exceptions, such as inferior goods, for which income and demand are inversely related).
- Prices of related goods of services. If two goods are substitutes, the increase on the price of one, decreases the amount demanded of that product but increases the amount demanded of the other product. It two goods are complements, the increase in the price of one good decreases the amount demanded of it, and the amount demanded of the other product too.
- Tastes or preferences of consumers. If a product is in line with the general preferences of consumers the amount demanded will be large.
- Market expectations. For example, if a price is expected to rise, consumers might prefer to buy now and therefore demand increases at the moment.
