Recall the Application About the Drought in Australia and Its

question 20

Multiple Choice

Recall the Application about the drought in Australia and its impact on the price of rice. In 2008, the
continuation of a 6-year drought in Australia reduced the amount of water available to irrigate Australia’s
rice crop. Farmers responded by reducing the amount of land devoted to rice. The drought was a major
factor in the change of rice prices.
-According to this Application, farmers in Thailand are investing in generators to irrigate their rice fields, allowing a second harvest each year. Ceteris paribus, these farmers will reap a large profit

• A)only if the price of rice stays high.
• B)only if the price of rice returns to low levels.
• C)even if the price of rice drops to low levels.
• D)only if the price of rice continues to double every six years.

---

Definitions:

Delegating

The process of assigning responsibility and authority to someone else to carry out specific activities, while the person delegating retains ultimate responsibility for the outcome.

Take Credit

The act of accepting acknowledgment or praise for something, sometimes even when not fully deserved.

Pay Bonuses

Additional compensation awarded to employees as a reward for exceptional performance, beyond their regular salary.

Micromanage

The management style where a manager closely observes or controls the work of their subordinates or employees, often in a detailed and meddlesome manner.