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 doubles the 1963 market price creates full parity in 1963
e. Sam will have to leave the farm
D
Economics
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