An Extraordinarily Small Crop of Farm Products Due to Drought

question 72

Multiple Choice

An extraordinarily small crop of farm products due to drought causes

• A) a large increase in the price of farm products because the demand for farm products is price inelastic.
• B) only a slight increase in the price of farm products because the demand for farm products is income elastic.
• C) only a slight increase in the price of farm products because the demand for farm products is income inelastic.
• D) a large increase in the price of farm products because the demand for farm products is price elastic.

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Definitions:

Chi-square Test

A statistical test used to determine whether there is a significant association between two categorical variables.

Expected

A term often used in statistics and probability, referring to the predicted outcome or value in an experiment or random event.

Observed

Observed, in statistics, refers to the actual data or values collected from experiments or studies, as opposed to expected or theoretical values.

Chi-square Value

A statistic used to measure the differences between observed and expected frequencies in categorical datasets, testing for independence or goodness of fit.