Multiple Choice
If Sam, a farmer in 1963, finds that he needs two bushels of corn to buy what his grandfather bought with one bushel during the 1910-1914 benchmark period, then
A) Sam is twice as well off in 1963 than his grandfather was
B) farm productivity has declined by half over this period
C) the equilibrium price of corn has obviously doubled
D) a price floor that provides parity should be double the 1963 market price
E) Sam will have to leave the farm
Correct Answer:
Verified
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