In 1931, President Herbert Hoover was paid a salary of $75,000 . Government statistics show a consumer price index of 15.2 for 1931 and 237 for 2015 . President Hoover's 1931 salary was equivalent to a 2015 salary of about
a. $4,965.
b. $1,169,408.
c. $1,057,894.
d. $16,080,001.
b
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Which of the following four-firm concentration ratios is consistent with monopolistic competition?
A) 100 percent B) 75 percent C) 25 percent D) 0 percent E) 91 percent
From the Civil War up to 1914, the United States adhered to a
A) gold standard. B) silver standard. C) bimetallic standard. D) bronze standard. E) copper standard.
Under flexible exchange rates, the exchange rate is set by
A) the International Monetary Fund. B) the U.S. Federal Reserve's Board of Governors. C) the intersection of demand and supply curves in the currency markets. D) negotiations among central banks of the major industrial powers.
Which of the following factors is the most significant in determining the pattern of international trade?
a. absolute advantage b. diplomatic expertise c. comparative advantage d. overpowering military strength e. a country's size relative to another country's