Suppose That the Price of Wheat Has Fallen from $3

question 80

Multiple Choice

Suppose that the price of wheat has fallen from $3 to $2 per bushel and that the price of newsprint has fallen from $200 to $100 per tonne.The relative price of wheat in terms of newsprint

• A)has fallen.
• B)has risen.
• C)remained constant.
• D)cannot be determined from the above data.
• E)is completely unrelated.

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Definitions:

Slippery Slope

A logical fallacy or argumentative strategy suggesting that a minor first step will lead to a chain of related and undesirable events.

Million Barrels

A measurement unit often used in the oil industry to quantify production or consumption, equivalent to one million barrels of oil.

Extract

A substance obtained from a plant, animal, or mineral, often used for flavoring or in medicine.

Sell

The act of giving something in exchange for money.