A modern economy is an economy that is up to date on technology, government, and things like that. New York, La, Atl all these have modern economies.
The demand curve slopes downwards due to the following reasons
(1) Substitution effect: When the price of a commodity falls, it becomes relatively cheaper than other substitute commodities. This induces the consumer to substitute the commodity whose price has fallen for other commodities, which have now become relatively expensive. As a result of this substitution effect, the quantity demanded of the commodity, whose price has fallen, rises.
(2) Income effect: When the price of a commodity falls, the consumer can buy more quantity of the commodity with his given income, as a result of a fall in the price of the commodity, consumer's real income or purchasing power increases. This increase induces the consumer to buy more of that commodity. This is called income effect.
(3) Number of consumers: When price of a commodity is relatively high, only few consumers can afford to buy it, And when its price falls, more numbers of consumers would start buying it because some of those who previously could not afford to buy may now afford to buy it, Thus, when the price of a commodity falls, the number of its consumers increases and this also tends to raise the market demand for the commodity.
(4) various uses of a commodity
(5) law of diminishing marginal utility
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The correct answer is: A
The Berlin Conference of 1885 is said to have set off a “scramble for Africa.” That means that Europeans A: rushed to set up colonies in Africa.
The period between 1881 and 1914 (the start of the I WW) is called New Imperialism. It also has the name of Partition of Africa or the Conquest of Africa. During this period European countries started the annexation, invasion, division and colonization of African territory, expanding their influence.
People did not appreciate the harsh rule and punishments that were inflicted upon them by their imperialistic and draconian (meaning very harsh and no mercy) government. So the society became more and more divided and against the Assyrian government. Also, the nearby power rivaling the Assyrians, the Babylonians, were much more subtle and kinder to their people, and people started working for them.
Three branches made up the government of the Roman Republic (the Senate, the Consuls, and the Assemblies)
