Slaves made up the lowest social class.
Answer:
A. relatively more inelastic because water is a necessity
Explanation:
Inelastic goods refers to the type of goods which demand wouldn't move that much regardless of the price change.
This tends to be the case for every products that are considered as necessity.
If let's say the price of water is $1 per bottle. We all know that every human being need to drink at least 1.5 L of it to stay alive. If all producers of water decided to raise the price into $2 ,the customers would most likely still purchase it. They have no choice.
The correct answers to these open questions are the following.
1. Do you think that the business executive who made this statement would be in favor of or against free trade? What makes you think so?
What I think is that times are changing and are very different from the time of "Made in America."
In this modern-time, globalization rules, and free trade are the direct consequence of globalization. Many American companies have decided to go abroad and built fabrics and industrial plants in other countries because in those developing countries they pay low salaries and can get more profits selling their products. American companies have been greedy too.
2. What do you feel about the number of imported items you can buy in stores? How might free trade affect these numbers?
As I mentioned above, it is part of free trade in a globalized world. Yes, the United States imports many things, but let's remember that the US also exports many goods to other countries. So this is call balance, in which countries negotiate to have a balance in trade. Countries export, yes, but they also have to import goods, so all the countries win.
The best example is the free trade agreement called NAFTA, now USMCA, between México, Canada, and the United States.
To historical examples are given which is super important in the question!
