A movie star was paid $1 million in 1960 to do a movie. The CPI was 29.3 in 1960 and the CPI in 2014 was 240. Approximately how much did the movie star earn in 2014 dollars?
A) $0.87 million
B) $8.66 million
C) $6.44 million
D) $7.74 million
E) ?$8.19 million
E
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The deadweight loss with perfect price discrimination is
A) equal to the deadweight loss of a single-price monopoly. B) sometimes less than and sometimes more than the deadweight loss of a single-price monopoly. C) more than the deadweight loss of a single-price monopoly. D) zero. E) larger than the deadweight loss with perfect competition.
Corrected for inflation, the real GDP was only about _____ times greater in 2014 than in 1959
a. 3.1 b. 5.3 c. 6.7 d. 11.2
Suppose there are only two goods (Good A and Good B) and the average person buys 4 of Good A in a year and 3 of Good B. If the Price of Good A is $5 and the Price of Good B is $10, the price of the market basket
A. is 50. B. is 20. C. is 30. D. is 100.
Refer to the diagram. The marginal utility of the third unit of X is:
A. 5.
B. 4.
C. 2.
D. 15.