The CPI in 1990 was 131, and the CPI in 2010 was 218. If you earned a salary of $40,000 in 1990, what would be a salary with equivalent purchasing power in 2010?
A) $45,977 B) $66,565 C) $87,200 D) $143,486
B
You might also like to view...
Which of the following is true of opportunism?
a. Opportunism increases the possibility that a party can gain by disregarding the contract. b. Opportunism lowers the cost of negotiation between parties when the contract is incomplete or unclear. c. Opportunism allows parties to maximize the value of their transactions. d. Opportunism leads to mutually beneficial outcomes.
The tools of the Federal Reserve include
A) reserve requirements. B) the discount rate. C) open market operations. D) all of these choices.
The issue of fairness versus efficiency arises
A. only in a command economy. B. only in a market economy. C. in neither a command nor a market economy. D. in both a command and a market economy.
Elasticity differs from the slope as a measure of responsiveness to changes in prices because:
A. elasticity changes depending on the currency prices are measured in, but this does not affect the slope. B. percentage changes do not depend on the units of measurement, whereas the slope does. C. elasticity is only useful for describing demand, but the slope is useful for describing demand and supply. D. the slope is always negative, while elasticity is not.