Multiple Choice
Which of the following illustrates the basic idea of "parity" as a cornerstone of U.S. agricultural policy?
A) The price of corn per bushel should be held constant.
B) A bushel of corn should exchange for more of all goods today than previously because farm incomes have declined.
C) If a bushel of corn exchanged for a pair of pants at a previous time, the same rate of exchange should prevail today.
D) If a bushel of corn exchanged for a pair of pants at a previous time, the rate of exchange today should be two bushels of corn for one pair of pants since productivity in farming has increased faster than in pants manufacturing.
Correct Answer:
Verified
Correct Answer:
Verified
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