EBK MACROECONOMICS (FOURTH EDITION)
4th Edition
ISBN: 9780393616125
Author: Jones
Publisher: YUZU
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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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Check out a sample textbook solutionStudents have asked these similar questions
A consumer expenditure survey reports the following information on consumer spending:
2020
2021
Price
Quantity
Price
Quantity
Product (1)
$10
7
$10
7
Product (2)
$6
10
$8
12
Product (3)
$12
5
$14
10
a) Using 2020 as the base year, by how much does a "cost of products" index increase between 2020 and 2021?
b) Calculate the inflation rate between 2020 and 2021, using the CPI you calculated in (a)
Suppose the Consumer Price Index in 2019 is
131.9,
with 2002 as the base year.
(a) What is the purchasing power of the dollar in 2019 compared to 2002?
(b) What is the real income, relative to 2002, of a wage earner whose income amounted to
62,900
in 2019?
Congratulations! Your boss has given you a raise.
However, you want to know whether your purchasing power has increased, since inflation is also rising. The table below gives you data for wages and the Consumer Price Index (CPI) for the last two years.
Wage ($/day)
CPI
Year 1
$ 2000 CPI 120
Year 2
$2200 CPI 129.6
The nominal percentage increase in your wage is
enter your response here%. (Round your answer to one decimal place.)
Part 2
The real percentage increase in your wage is
enter your response here%. (Round your answer to one decimal place.)
Chapter 8 Solutions
EBK MACROECONOMICS (FOURTH EDITION)
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Similar questions
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