Extreme Weather Drives Food Price Surges Across the Globe

A study led by the Barcelona Supercomputing Center links dozens of climate extremes to sharp food price rises. The study noted that in Japan, the price of rice rose 48 percent in September after an August heatwave across the region.—ft.com

Answer the following questions to check your understanding of the story.

Describe the market for rice in Japan before the sharp price rise.

a) Shops couldn’t sell the available quantity of rice.

b) Consumers were willing to buy less rice at the market price.

c) The market price was the equilibrium price.

d) Consumers couldn’t find the quantity of rice they wanted to buy.

Describe the market for rice in Japan after to the sharp price rise.

Compared to the situation before the price change, ___________.

a) shops sell more rice and consumers buy less rice

b) consumers buy less rice than they want to buy

c) rice is underproduced

d) consumers, who are concerned about future price rises, buy more rice than they want to buy

Extreme Weather Drives Food Price Surges Across the Globe

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