Final answer:
The true statement among the options is that geographical handicaps affected economic prosperity more, 500 years ago than they do now. Institutions change slowly, while culture can adapt more quickly, and geography typically changes at the slowest pace. Globalization can spread certain policies and cultural attributes but does not completely eliminate geographical influences.
Step-by-step explanation:
d) Geographical handicaps affected economic prosperity more, 500 years back than they do now. This statement is correct because 500 years ago, the physical geography of a location played a crucial role in its economic development due to the limited technology and means of overcoming geographical barriers. Institutions, whether they are political, economic, or social, tend to change relatively slowly over time. In contrast, culture can change more quickly as it adapts to technological advancements, global influences, and changing societal values.
In terms of geography, the physical characteristics of a nation, such as its landscape and climate, are generally much slower to change than the institutions that govern it. The concept of globalization, while influential in the spread of certain economic policies and cultural attributes, does not eradicate geographical advantages or disadvantages overnight. These geographical features continue to impact nations' economic opportunities and constraints, although possibly to a lesser extent today due to advancements in technology and infrastructure.