Macroeconomics (Fourth Edition)
4th Edition
ISBN: 9780393603767
Author: Charles I. Jones
Publisher: W. W. Norton & Company
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Question
Chapter 8, Problem 1E
(a)
To determine
Calculate the salary of the workers in 2015 in respect to the value in 1900.
(b)
To determine
Calculate the salary of a worker in 2015 in respect to the value in 1932.
(c)
To determine
Calculate the value in 2015 in respect to 1940s.
(d)
To determine
Calculate the value of product in 2015 in respect to the value in 1972.
(e)
To determine
The value of a movie ticket in 2015 in respect to the value in 1977.
(f)
To determine
Calculate the value of the good in respect to the value in 1991.
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Study the associated figure. Adjusted for inflation, during which years during the period shown did the lowest gasoline prices occur?
A) Gas was cheapest in 1998 - 1999 because the graph shows that the actual price of a gallon of gas was at its lowest in that time period.
B) Gas was cheapest in 1998 - 1999 because the graph shows that the price of a gallon of gas in 2016 dollars was at its lowest in that time period.
C) Gas was cheapest in 1980 - 1982 because the graph shows that the price of a gallon of gas in 2016 dollars was at its lowest in that time period.
D) Gas was cheapest in 1950 - 1952 because the graph shows that the price of a gallon of gas in 2016 dollars was at its lowest in that time period.
A certain country calculates inflation using a consumer price index (CPI). Between 2016 and 2017 the CPI increased from 200 to 220.
What was the inflation rate between 2016 and 2017?
110%
10%
20
20%
Calculate the rate of inflation or delation between 2014 and 2015.
Chapter 8 Solutions
Macroeconomics (Fourth Edition)
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Similar questions
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