To convert the original earnings of Casper, Nicklaus, and Kite, use the formula for converting dollar figures from an earlier era into year 2018 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Nominal Winnings U.S. CPI Year Golfer (Dollars) (1983 = 100) Winnings in 2018 Dollars 1968 Billy Casper 205,169 34.8 1973 Jack Nicklaus 308,362 44.4 1981 Tom Kite 375,699 90.9 2018 Tiger Woods 5,443,841 251.1 5,443,841 True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation. True O False O O

To convert the original earnings of Casper, Nicklaus, and Kite, use the formula for converting dollar figures from an earlier era into year 2018 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Nominal Winnings U.S. CPI Year Golfer (Dollars) (1983 = 100) Winnings in 2018 Dollars 1968 Billy Casper 205,169 34.8 1973 Jack Nicklaus 308,362 44.4 1981 Tom Kite 375,699 90.9 2018 Tiger Woods 5,443,841 251.1 5,443,841 True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation. True O False O O

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 3.3CE

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Consider golfers who led the Professional Golfers’ Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Casper, Miller, and Pavin, use the formula for converting dollar figures from an earlier era into year 2016 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. CPI Winnings in 2016 Dollars (Dollars) (1983 = 100) 1968 Billy Casper 205,169 34.8 ?    1974 Johnny Miller 353,022 49.3 ?    1991 Corey Pavin 979,430 136.2 ?   2016 Dustin Johnson 9,365,185 240.0 ? True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation. True
Consider golfers who led the Professional Golfers’ Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Casper, Nicklaus, and Kite, use the formula for converting dollar figures from an earlier era into year 2018 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. CPI Winnings in 2018 Dollars (Dollars) (1983 = 100) 1968 Billy Casper 205,169 34.8    1973 Jack Nicklaus 308,362 44.4    1981 Tom Kite 375,699 90.9    2018 Tiger Woods 5,443,841 251.1 5,443,841 True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation. True False
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 ($) U.S. CPI (1983 = 100) Winnings in 2009 U.S. Dollars ($) 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. _____
Suppose gold (G) and silver (S) are substitutes for each other because both serve as hedges against inflation. Suppose also that the supplies of both are fixed in the short run (QG=60 and QS=300) and that the demands for gold and silver are given by the following equations: PG= 960-QG+0.50PS PS= 600-QS+0.50PG a) What is the equilibrium prices ($) of gold and silver? b) What if a new discovery equilibrium of gold doubles the quantity supplied to 120? How will this discovery affect the prices of both gold and silver?
The accompanying table provides the inflation rate in the year 2005 and the average inflation rate over the period 2006–2019 for eight different countries. Country Inflation rate in 2005 Average inflation rate in 2006–2019 Brazil 6.87% 5.47% Canada 2.2% 1.72% China 1.77 2.68 France 1.74 1.23 Indonesia 10.45 5.83 Japan −0.28 0.35 Turkey 8.18 9.53 United States 3.39 1.95 Data from: IMF. Given the expected relationship between average inflation and menu costs, rank the countries in descending order of menu costs using average inflation over the period 2006–2019. Rank the countries in order of inflation rates that most favoured borrowers with 10-year loans that were taken out in 2005. Assume that the loans were agreed upon with the expectation that the inflation rate for 2006 to 2019 would be the same as the inflation rate in 2005. Did borrowers who took out 10-year loans in Japan gain or lose overall versus lenders? Explain.
3. Comparing salaries from different times Consider golfers who led the Professional Golfers’ Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Nelson, Nicklaus, and Pavin, use the formula for converting dollar figures from an earlier era into year 2016 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. CPI Winnings in 2016 Dollars (Dollars) (1983 = 100) 1945 Byron Nelson 63,336 18 264 1973 Jack Nicklaus 308,362 44.4 1991 Corey Pavin 979,430 136.2 2016 Dustin Johnson 9,365,185 240.0 9,365,185 True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation. True…
Why with so much of crude reserves in the venezualla still makes it as highest inflationary economy with lowest standard of living in the world? Explain the phenomena and reasons???
Assuming the inflation-rate rises, give one implication that this increased inflation rate would have on the import cost of creative stamps and craft pens from China
Convert the nominal wage rates in the following table to real wage rates. The formula is Real = (Nominal/Price Index) x 100. In the table below, the CPI or Consumer Price Index is the Price Index to use in the formula. When you are converting a nominal number into a real number, getting rid of the effects of inflation, your resulting real number should be in the same units as the original nominal number. It should also be in the same general magnitude, unless you are going back hundreds of years of looking at a country that has experienced unusually high rates of inflation. In other words, when you convert the nominal wage rate of $7.25 into a real wage rate, you should come up with something close to $7.25, such as $4.04 or $9.56. If you get an answer of $.04, then you know you made a mistake. 1976 1981 1989 1997 2006 2010 Nominal Minimum Wage $2.30 $3.35 $3.35 $5.15 $5.15 $7.25 CPI 56.9 90.9 124.0 160.5 201.6 219.2 Real…
based on the attached inflation data, which country's inflation forecast is improving the most relative to its recent headline inflation? Japan, UK or US
The following table shows the average nominal interest rates on six-month Treasury bills (indicating the amount of interest paid by the U.S. government when it issues debt) between 1971 and 1975. The table also shows the inflation rate for the years 1971 to 1975. (All rates are rounded to the nearest tenth of a percent.) On the following graph, use the orange points (square symbol) to plot the nominal interest rates for the years 1971 to 1975. Next, use the green points (triangle symbol) to plot the real interest rates for those years. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. According to the table, in which year did buyers of six-month Treasury bills receive the highest real return on their investment? 1971 1972 1973 1974 1975
Determine the effect (up, down, or no change) of this false belief on each of the following: Current consumption (C) Current investment (I) Current labor input (N) Current real wages(w) Current output (Y) Current interest rate (r)