问一道题：NO.PZ201720190200000102

问题如下：

2.Which factor would most likely affect the supply or demand of all four sectors of the Apex Fund?

选项：

Weather

Spoilage

Government actions

解释：

C is correct.

Government actions can affect the supply or demand of all four sectors of the Apex Fund. With respect to energy, environmental mandates imposed by governments have tightened pollution standards, which have led to increasing processing costs that negatively affect demand. The supply of livestock, such as hogs and cattle, is affected by government-permitted use of drugs and growth hormones. Softs, or cash crops, can be affected by government actions, such as the attempt to maintain strategic stockpiles to control domestic prices. The level of demand and relative value of a precious metal, such as gold, is directly linked to government actions associated with managing to inflation targets.

考点：大宗商品的供求影响因素

解析：大宗商品基金主要投资了四种产品，能源、畜牧、软商品和贵金属。此题可以用排除法来做，天气因素和损耗因素只影响畜牧和一些软商品，并不会影响energy and precious metals. 三个选项当中，只有government actions会影响所有四个类别的供求。在能源方面，如果政府要求控制能源燃烧带来的污染，那么对能源的加工程度要求会提高，生产的成本也会提高，会降低需求。在畜牧方面，政府对药物和生长激素的审批和管理会影响牲畜供应。在软商品方面，政府会通过调节进出口的量来管理国内相应软商品的价格。在贵金属方面，特别是黄金，可以有效对抗通货膨胀的风险，因此，政府的管控也会直接影响供需。