The Prices of Certain Goods, Such as Ice and Gasoline

question 64

Multiple Choice

The prices of certain goods, such as ice and gasoline, often increase after a natural disaster such as a hurricane. The economic explanation for this observation is that

• A) people panic in disaster situations.
• B) disasters bring out the worst in people.
• C) the disaster temporarily reduces the supply of the goods and increases the demand for the goods.
• D) the disaster temporarily reduces the supply of the goods and reduces the demand for the goods.

Comprehend Le Chatelier's Principle and its application to predict the effect of changes on a system in equilibrium.

Recognize the roles of catalysts in chemical reactions and their effect on equilibrium without altering the position of equilibrium.

Identify and explain the significance of solubility in the context of poisons, with particular reference to arsenic.

Understand the basic principles of acid-base equilibria and the effects of adding salts to acid/base equilibria.

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Definitions:

Operational Approach

A method of addressing problems or tasks focusing primarily on the practical and efficient achievement of objectives.

Management

The process of dealing with or controlling things or people, often within an organizational setting.

Henry L. Gantt

An American mechanical engineer and management consultant who developed the Gantt chart, a popular project management tool.

Human Factor

The consideration of the human element, including psychological, physical, and social aspects, in the design and operation of systems and services.