Food Stream Market Reading Answers
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Food Stream Market Reading Answers is an IELTS academic reading topic comprising 13 questions. This requires candidates to solve a given set of questions within 20 minutes. Food Stream Market Reading Answers has been referenced from the IELTS Practice Tests for IELTS Practice Tests: Student's book with key. The question types in the IELTS reading topic; Food Stream Market Reading Answers that candidates are required to solve are; no more than two words and true/false/not given. To practice more such reading passage candidates can refer to the IELTS reading practice papers.
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Section 1
Read the passage to answer the following questions
Food Stream Market Reading Answers
With rapid urbanisation, more people now live in cities than in the countryside, and this number is set to rise. For all the benefits cities bestow, they are expensive places. In some years, Tokyo records the highest cost of living; in others, Moscow. In 2014, for expatriates, Luanda, the capital of Angola, received the dubious accolade; and, for Angolans themselves, it had also suddenly become pricey with real estate going through the roof, so to speak, and food being prohibitive – even locally sourced mangoes were $5 a kilo.
What can urbanites do to reduce the financial burden of paying for food? Diet? Grow their own? Beg for subsidies? Some economists have proposed that they buy contracts giving rights to a food stream in perpetuity, for example, a kilogram of beef would be delivered weekly from the date the contract started until the end of the owner’s life. In essence, this is what house purchase is – indefinite security of a single commodity. As is the case with buying a house, a loan from a financial institution might be necessary for the beef contract, even if it were merely for Australian blade steak and not Japanese Wagu. The contract could also be sold at the current market price if its owner moved out of delivery range or renounced beef.
In order to maintain or increase the value of their investment, it is likely some owners would support national and international policies to limit food production – a sound idea in a world where 40% of food goes to waste.
But let’s imagine, in this system, a consumer purchased a 25-year contract for beef, which, over time, doubled in value. Naturally, at sale, the owner would make a tidy profit. Conversely, if mad cow disease erupted, and no one dared eat beef, then the vendor would suffer. If the owner had bought ten beef contracts, he or she might even go bankrupt in this scenario.
Let’s also imagine that people bought contracts on items they had no intention of consuming: that the health-conscious purchased, yet eschewed, saturated-fat meat; that shrewd amoral vegetarians speculated in beef, as they already buy share portfolios in which multinational agri-business is represented, or they deposit money into banks that do just that on their behalf.
It is quite plausible that this speculative behaviour could lead to the overheating of the food-stream market. The state may intervene, attempting to cool things down, or it may tolerate such activity. Indeed, a government that proposed a capital gains tax or high death duties on food-stream contracts might be voted out in favour of another that believed in laissez-faire.* Besides which, an investment contract may be a way to realise wealth when there are few other possibilities either because the stock market is highly volatile, or much of the local economy generates little revenue, as is the case in Angola and many developing countries. Indeed, food-stream speculation could become a middle-class prerogative, indulged in by legislative members themselves.
I hope by now, you’ve realised this essay is a spoof. Yet, the fantastic food-stream market is reminiscent of the global housing market, where homeownership and property speculation have become the privilege of a few at great expense to the many, who either cannot participate, or sign their lives away to banks. You may also have realised that when I bring this topic up at a dinner party, for instance, I am usually shouted down, despite what I believe to be its inherent logic, because my friends consider a house as more tangible than a steak, and their identities are bound up with vague but powerful notions of property rights and independence.
I do concede that home-ownership offers security (not having to move, being connected to one particular neighbourhood) and creativity (being able to modify and decorate as you please), but I would prefer people rent rather than buy in an effort to lower property prices and to encourage investment in other sectors of the economy. Economists Moretti and Chang-Tai Hsieh of the University of Chicago have estimated that US output between 1999 and 2009 was 13% lower than it could have been because high housing costs forced so many people to move. Income locked up in housing could otherwise have been spent on local businesses, like restaurants or gyms, and job creation would likely have ensued.
So, next time you toss a steak on the barbecue, ponder whether we should treat food in the same way we treat housing, or whether we should treat housing as we do food.
Section 2
Solution and Explanation
Questions 1-7
Complete the notes below.
Choose NO MORE THAN TWO WORDS from the passage.
Write your answer in boxes 1-7 on your answer sheet.
A food-stream contract
- Would guarantee access to one kind of food stream 1…………………
Answer: in perpetuity
Supporting Sentence: Some economists have proposed that they buy contracts giving rights to a food stream in perpetuity, for example, a kilogram of beef would be delivered weekly from the date the contract started until the end of the owner’s life.
Keywords: economists, contracts, in perpetuity, beef
Keyword Location: paragraph 2, lines 2-4
Explanation: Certain economists suggest purchasing perpetual contracts that grant entitlements to a continuous food supply. These include a weekly delivery of one kilogram of beef starting from the contract's initiation and lasting for the duration of the owner's lifetime.
- Due to its expense, a bank 2…………………might be needed to buy one
Answer: loan
Supporting Sentence: As is the case with buying a house, a loan from a financial institution might be necessary for the beef contract, even if it were merely for Australian blade steak and not Japanese Wagu.
Keywords: buying, loan, financial institution, Australian blade steak, Japanese Wagu
Keyword Location: paragraph 2, lines 5-7
Explanation: Similar to the process of buying a house, obtaining a loan from a financial institution may be required to secure the beef contract. It only entails Australian blade steak and does not involve Japanese Wagu.
- Could be bought and sold at the current 3…………………
Answer: market price
Supporting Sentence: The contract could also be sold at the current market price if its owner moved out of delivery range or renounced beef.
Keywords: contract, current, market price
Keyword Location: Paragraph 2, lines 7-8
Explanation: In the event that the owner relocates outside of the delivery area or decides to forego beef, the contract could be sold at the prevailing market price.
- When sold, could result in a decent 4…………………or a considerable loss
Answer: profit
Supporting Sentence: But let’s imagine, in this system, a consumer purchased a 25-year contract for beef, which, over time, doubled in value. Naturally, at sale, the owner would make a tidy profit.
Keywords: imagine, consumer, 25-year, profit
Keyword Location: Paragraph 4, lines 1-2
Explanation: Suppose a consumer acquires a 25-year beef contract within this framework and its value doubles over time. Upon sale, the owner would naturally reap a substantial profit.
- Could be purchased on food a person did not plan on 5…………………
Answer: consuming
Supporting Sentence: Let’s also imagine that people bought contracts on items they had no intention of consuming: that the health-conscious purchased, yet eschewed, saturated-fat meat
Keywords: imagine, contracts, consuming
Keyword Location: Paragraph 5, lines 1-2
Explanation: Furthermore, let's consider a scenario where individuals acquire contracts for goods that they have no intention of consuming. Due to issues like health-conscious people purchasing contracts for saturated-fat meat but choosing not to consume it.
- May be one of the few legitimate ways to make money when the stock market is very 6…………….or other parts of the economy perform poorly
Answer: volatile
Supporting Sentence: Besides which, an investment contract may be a way to realise wealth when there are few other possibilities either because the stock market is highly volatile,
Keywords: investment, contract, volatile
Keyword Location: Paragraph 6, lines 5-6
Explanation: Moreover, an investment contract could serve as a means to generate wealth when other options are limited, particularly during periods of high stock market volatility.
- Would probably be a privilege of the 7………………… and members of parliament
Answer: middle class
Supporting Sentence: Indeed, food-stream speculation could become a middle-class prerogative, indulged in by legislative members themselves.
Keywords: Indeed, food-stream, prerogative, middle-class
Keyword Location: Paragraph 6, lines 7-9
Explanation: Food-stream speculating may even become a privilege of the middle class, enjoyed by lawmakers themselves.
Questions 8-12
Do the statements below agree with the information given in Passage 1?
In boxes 8-12 on your answer sheet, write:
TRUE if the statement agrees with the information.
FALSE if the statement contradicts the information.
NOT GIVEN if there is no information on this.
- The writer makes an analogy between the current housing and food markets.
Answer: False
Supporting Sentence: I hope by now, you’ve realised this essay is a spoof. Yet, the fantastic food-stream market is reminiscent of the global housing market, where homeownership and property speculation have become
the privilege of a few at great expense to the many, who either cannot participate, or sign their lives away to banks.
Keywords: reminiscent, global, housing
Keyword Location: Paragraph 7, lines 1-4
Explanation: The incredible food market is similar to the global housing market. Though, in that a small number of people now enjoy the pleasure of owning homes and engaging in real estate. Further, speculation at the expense of the majority, who either aren't able to do so or give their life to banks.
- The writer rents his or her own home.
Answer: Not Given
Explanation: No relevant information has been provided in the reading passage mentioned above.
- The writer’s friends share his or her ideas on the property market.
Answer: False
Supporting Sentence: I am usually shouted down, despite what I believe to be its inherent logic, because my friends consider a house as more tangible than a steak, and their identities are bound up with vague but powerful notions of property rights and independence.
Keywords: shouted down, tangible, powerful notions
Keyword Location: Paragraph 7, lines 5-7
Explanation: Because my friends view a house as more concrete than a steak and their identities are tied to nebulous. But strong ideals of property rights and independence, I am typically yelled down, despite what I believe to be its fundamental logic.
- The writer thinks people like to own their homes because they can customise them.
Answer: True
Supporting Sentence: I hope by now, you’ve realised this essay is a spoof. Yet, the fantastic food-stream market is reminiscent of the global housing market, where homeownership and property speculation have become
the privilege of a few at great expense to the many, who either cannot participate, or sign their lives away to banks.
Keywords: global, housing, market, homeownership
Keyword Location: Paragraph 7, lines 1-4
Explanation: The incredible food market is similar to the global housing market. Though, in that a small number of people now enjoy the pleasure of owning homes and engaging in real estate. Further, speculation at the expense of the majority, who either aren't able to do so or give their life to banks.
- Because Americans spent so much on housing, other parts of the economy suffered.
Answer: True
Supporting Sentence: But I would prefer people rent rather than buy in an effort to lower property prices and to encourage investment in other sectors of the economy.
Keywords: people, effort
Keyword Location: Paragraph 8, lines 2-4
Explanation: But I would rather people rent rather than buy in an effort to decrease housing prices and to stimulate investment in other sectors of the economy.
Question 13
What would be a suitable title for Passage 1?
Choose the correct letter A, B, C, D, or E.
Write the correct letter in box 13 on your answer sheet.
- How to make homes affordable
- Buying a house is a bad investment
- Rethinking the housing market
- A new model for buying and selling food
- The madness of house and food prices
Answer: C
Supporting Sentence: As is the case with buying a house, a loan from a financial institution might be necessary for the beef contract, even if it were merely for Australian blade steak and not Japanese Wagu.
Keywords: buying, loan, financial institution, Australian blade steak, Japanese Wagu
Keyword Location: paragraph 2, lines 5-7
Explanation: Similar to the process of buying a house, obtaining a loan from a financial institution may be required to secure the beef contract. It only entails Australian blade steak and does not involve Japanese Wagu.
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