The Spot Price on Cocoa Is $2,880 a Ton

question 33

Multiple Choice

The spot price on cocoa is $2,880 a ton.The futures price is $2,760 a ton.The basis is _____ and the market is a(n) _____ market.

• A)-120; carrying-charge
• B)-120; inverted
• C)20; inverted
• D)120; carrying-charge
• E)120; inverted

Explain the importance of sensors and actuators in control systems and their conversion functions.

Understand signal conditioning and its role in process control.

Acknowledge the significance of feedback and its role in closed-loop control systems.

Identify the characteristics and applications of various controller actions (P, PI, PID) and their effects on process control.

---

Definitions:

Free-Market System

A type of economic system where prices for goods and services are determined by the open market and by consumers. In a free-market system, the laws and forces of supply and demand are free from any intervention by a government or other authority.

Coordinating Mechanism

Systems and processes that facilitate the efficient allocation and use of resources within an economy or organization.

Command Economy

An economic system in which the government or a central authority controls all major aspects of production and distribution.

Manufacturers Decide

The process by which companies determine what products to produce, how much to produce, and at what price to sell based on market demand and other factors.