When flat screen televisions were first introduced in 1997 they were priced at $15,000. If the CPI in 1997 was 160 and the CPI in 2019 is 265, then this price is equivalent to approximately ______________________in 2019 dollars. If the average flat screen TV sells for $550 in 2019, the percentage change between the inflation-adjusted price of a flat screen TV in 1997 and the actual pricein 2019 price is __________
a. $15,469; -96.4 percent
b. $19,887; -95.6 percent
c. $24,844; -97.7 percent
d. $154; 3.6 percent
e. $367; 8.3 percent
Answer; c. $24,844; -97.7 percent
You might also like to view...
Suppose that Germany, France, Estonia, and India all have the same production possibilities, illustrated in the figure above. Based on the production points in the figure, which country is most likely to expand its PPF to PPF3?
A) Germany B) Estonia C) India D) France and Germany equally E) France
Market failure means that
A) the strike organized by unionized employees fails to achieve its goal. B) too many outdated products are offered for sale in the local supermarket. C) there is overallocation or underallocation of resources to certain economic activity. D) an unexpectedly harsh winter shuts down a factory.
The average tax rate can be calculated by which of the following formulas?
A. total taxable income divided by total taxes due B. total taxes due divided by total taxable income C. the change in taxes due divided by the change in taxable income D. the change in taxable income divided by the change in taxes due
How total revenue changes when a price changes can be predicted using price elasticity of demand.
Answer the following statement true (T) or false (F)