A parity ratio of 0.6 in year A means that prices:
A. Received in year A could buy 60 percent as much as prices received in the base period
B. Received in the base period could buy 60 percent as much as prices received in year A
C. Received in year A had risen by 60 percent over the prices received in the base period
D. Paid by farmers in year A had risen by 60 percent over the prices paid in the base period
A. Received in year A could buy 60 percent as much as prices received in the base period
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On the "demand side" of a market, consumers indicate what they are willing to buy, in what quantity and at what price
Indicate whether the statement is true or false
When production does not proceed on the basis of comparative advantage, resources are expended on their most efficient uses
a. True b. False Indicate whether the statement is true or false
When the U.S. Treasury sells bonds to the public to finance government spending and then the Fed buys the bonds through open-market purchases, the Fed is
a. monetizing the debt. b. decreasing the money supply. c. decreasing bank reserves. d. increasing the difficulty of raising funds for government spending.
A major shortcoming of the Sherman Act was that
A. it failed to explicitly state which specific activities were illegal. B. it was not enforced by the courts. C. violators of the Act were forced out of business. D. when it was passed, there were no violations, so the Supreme Court ruled it unnecessary.