Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). Use the formula for converting nominal values into real values to convert the original U.S. dollar earnings of Palmer, Nicklaus, and Pavin to 2009 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Year Golfer 1963 Arnold Palmer 1972 Jack Nicklaus 1991 Corey Pavin 2009 Tiger Woods 4. Nominal Winnings U.S. Dollars ($) U.S. CPI (1983 = 100) Winnings in 2009 U.S. Dollars ($) 30.6 41.8 136.2 214.5 3. 128,230 320,542 979,430 10,508,163 List the four golfers in order from lowest inflation-adjusted winnings to highest. Begin by choosing the golfer with the lowest inflation-adjusted winnings from the selection list labeled "4." 2. 10,508,163 1.
Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). Use the formula for converting nominal values into real values to convert the original U.S. dollar earnings of Palmer, Nicklaus, and Pavin to 2009 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Year Golfer 1963 Arnold Palmer 1972 Jack Nicklaus 1991 Corey Pavin 2009 Tiger Woods 4. Nominal Winnings U.S. Dollars ($) U.S. CPI (1983 = 100) Winnings in 2009 U.S. Dollars ($) 30.6 41.8 136.2 214.5 3. 128,230 320,542 979,430 10,508,163 List the four golfers in order from lowest inflation-adjusted winnings to highest. Begin by choosing the golfer with the lowest inflation-adjusted winnings from the selection list labeled "4." 2. 10,508,163 1.
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 13P
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Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). Use the formula for converting nominal values into real values to convert the original U.S. dollar earnings of Palmer, Nicklaus, and Pavin to 2009 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar.
Year
|
Golfer
|
Nominal Winnings U.S. Dollars ($)
|
U.S.
|
Winnings in 2009 U.S. Dollars ($)
|
---|---|---|---|---|
1963 | Arnold Palmer | 128,230 | 30.6 | |
1972 | Jack Nicklaus | 320,542 | 41.8 | |
1991 | Corey Pavin | 979,430 | 136.2 | |
2009 | Tiger Woods | 10,508,163 | 214.5 | 10,508,163 |
List the four golfers in order from lowest inflation-adjusted winnings to highest. Begin by choosing the golfer with the lowest inflation-adjusted winnings from the selection list labeled "4."
4. _____ | 3. ______ | 2. _____ | 1. _____ |
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