1. In percentage terms, how much did the price of ground beef rise from the end of 2005 to February 2015?
  2. For each of the following situations, say whether it would tend to raise, lower, or have little effect on the price of American ground beef.
    1. Consumption of American ground beef rises in China
    2. Australian cattle ranchers are hit by a disease that wipes out their herds
    3. A year of good weather brings high corn harvests in the Midwest.
    4. The price of fish goes up.
    5. The U.S. economy goes into recession again.
    6. The U.S. government issues a report saying that hamburgers are healthy for you.
  3. The fall in the price of ground beef is likely to benefit which groups the most?
    1. Low-income families
    2. High-income families.
    3. Vegetarian families
  4. (Optional) Compared to February 2016, how have each of the following factors changed:
    1. Exports of beef
    2. Price of corn
    3. Unemployment rate
  5. (Optional) Based on your answer to question 4, what would you have expected to happen to the price of ground beef since February 2016? How has the price of group beef actually changed since then?