Easter Economics 2024

What is one of the main reasons for the increase in chocolate Easter egg prices in 2024?

• A) A decrease in demand for chocolate

• B) An oversupply of cocoa beans

• C) Climate change affecting cocoa production

• D) Lower costs for chocolate makers

Which region is experiencing a heatwave and drought that is impacting cocoa production?

• A) Eastern Europe

• B) Western Africa

• C) South America

• D) Southeast Asia

How have cocoa prices been affected due to the changes in production?

• A) Cocoa prices have remained stable

• B) Cocoa prices have doubled

• C) Cocoa prices have tripled

• D) Cocoa prices have decreased

Who is primarily bearing the brunt of the increased costs in cocoa production?

• A) Large chocolate manufacturers

• B) Consumers in Western countries

• C) Smallholders in West Africa

• D) Retailers in Europe

What strategy have manufacturers been using to cut their costs due to increased cocoa prices?

• A) Increasing the size of chocolate Easter eggs

• B) Reducing the price of chocolate Easter eggs

• C) 'Shrinkflation' or making chocolate Easter eggs smaller

• D) Switching to alternative crops

By how much have some Easter egg prices increased in 2024?

• A) 25%

• B) 50%

• C) 75%

• D) 100%

Using a supply and demand diagram, how can rising cocoa bean prices lead to an increase in the prices of chocolate Easter eggs?

• By decreasing the supply of chocolate Easter eggs, leading to higher prices.

• By increasing the demand for chocolate Easter eggs, leading to higher prices.

• By increasing the supply of cocoa beans, leading to lower prices.

• By decreasing the demand for cocoa beans, leading to lower prices.

How might 'shrinkflation' help chocolate manufacturers like Nestle & Mars Wrigley UK absorb the increased costs of cocoa beans?

• By increasing the size of chocolate products without changing the price.

• By reducing the size of chocolate products without changing the price.

• By decreasing the quality of chocolate products.

• By increasing the price of chocolate products.

What are the likely impacts of climate change on a country such as the Cote d’Ivoire that is highly dependent on cocoa beans for its export revenue?

• Increased export revenue due to higher cocoa bean prices.

• Decreased export revenue due to lower cocoa bean prices.

• No impact on export revenue as climate change does not affect cocoa bean production.

• Decreased export revenue due to reduced cocoa bean production.