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O-LevelEconomicsThe allocation of resources2281/12 · Oct/Nov 2024 · Q41 Mark

A period of bad weather leads to a failure of the rice crop. What is the effect on the market for rice?

Ashortage of rice and a fall in its price
Bshortage of rice and a rise in its price
Csurplus of rice and a fall in its price
Dsurplus of rice and a rise in its price

✓ Correct answer

B: shortage of rice and a rise in its price

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About this question

Topic
The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source
O-Level Economics, Oct/Nov 2024 Paper 1 Variant 2, question 4.

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