Water Is Now the Third Most Valuable Commodity in the World

question 186

Multiple Choice

Water is now the third most valuable commodity in the world, after:

• A) oil and electricity.
• B) diamonds and gold.
• C) corn and wheat.
• D) exchange rates and crop yields.

---

Definitions:

Units of Quiche

A measure of output in the production of quiches, indicating the quantity produced or consumed.

Pareto Optimal Allocation

An allocation of resources from which it is impossible to reallocate so as to make any one individual better off without making at least one individual worse off.

Utility Function

A mathematical model in economics that represents an individual's preference system, used to rank choices in order of preference.

Apples

In economic terms, apples can serve as an example of a consumer good, whose supply and demand can be analyzed to understand market dynamics.