A Severe Drought Hits a Country and Reduces Farm Output

question 44

Multiple Choice

A severe drought hits a country and reduces farm output by 50 percent.In the short run,this will ________ output and ________ employment.

• A) decrease; decrease
• B) decrease; increase
• C) decrease; have no effect on
• D) have no effect on; have no effect on
• E) increase; increase

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Definitions:

Privity of Contract

A principle in contract law stating that only parties involved in the contract have the right to sue to enforce their rights or claim damages.

Commission

A fee paid for services, typically a percentage of the transaction value, to an agent or salesperson for facilitating or completing a sale.

Agreement of Purchase and Sale

A legally binding contract between a buyer and seller detailing the terms and conditions of the sale of property.

Key Account Management

A strategic business approach focused on building and maintaining long-term relationships with a company’s most valuable customers.