Question

from the economic report of the president
however, experience within the past year has demonstrated, on a small scale, some of the dangers that may result from holding the support level
for any commodity too high.
(from \the economic report of the president\ by president harry s. truman)
what does the word commodity mean?
○ 1. something expensive
○ 2. something complicated
○ 3. something that can be purchased
○ 4. something that can be difficult to obtain

Explanation:

To determine the meaning of "commodity" in the context of "holding the support level for any commodity too high" (from an economic report), we analyze the options:

• Option 1: "Something expensive" is incorrect because a commodity’s support level (a price - related concept in economics) isn't about its expense, and many commodities can be inexpensive (e.g., basic food items).
• Option 2: "Something complicated" is wrong as the term “commodity” in economics refers to goods, not complexity.
• Option 3: "Something that can be purchased" fits. In economics, a commodity is a good (like wheat, oil) that is bought and sold in markets, so holding its support level (price) too high relates to its tradable, purchasable nature.
• Option 4: "Something that can be difficult to obtain" is incorrect. The support level of a commodity is about its market price, not its availability difficulty.

Answer:

1. something that can be purchased