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 an economic report, we analyze the options:

• Option 1: "Something expensive" is incorrect. A commodity isn't defined by its cost; it can be inexpensive or expensive.
• Option 2: "Something complicated" is wrong. The term "commodity" has no relation to complexity.
• Option 3: "Something that can be purchased" fits. In economics, a commodity is a good or service that is bought and sold, so it's something purchasable.
• Option 4: "Something that can be difficult to obtain" is incorrect. A commodity's availability (easy or difficult to obtain) isn't part of its core definition.

Answer:

1. something that can be purchased