Commodity-Pricing Data from the Economist Show a Dramatic Long-Run Decline

question 98

Multiple Choice

Commodity-pricing data from The Economist show a dramatic long-run decline in 25 important real commodity prices from 1850 to 2015. This decline primarily occurred because the

• A) demand for commodities decreased drastically.
• B) supply of commodities grew faster than demand.
• C) demand for commodities has remained stable over the years.
• D) supply of commodities increased, while demand increased even more.

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Definitions:

Grandfather

A term often used to describe clauses that exempt certain individuals or entities from new regulations based on previous conditions.

Bailment

The legal relationship created when personal property is transferred from one party to another under agreement that the property will be returned or otherwise disposed of according to the owner's directions.

Mutual Benefit

refers to a situation or action that provides advantages or positive outcomes to all parties involved.

Fundamental Duty

A basic or essential obligation that is imposed on an individual or entity by law, morality, or contract.