Sue Holloway was an accountant in 1944 and earned $12,000 that year. Her son, Josh Holloway, is an accountant today and he earned $210,000 in 2013. The price index was 17.6 in 1944 and 218.4 in 2013. Refer to Scenario 24-3. In real terms, Sue Holloway’s income amounts to about what percentage of Josh Holloway’s income?
a. 11.0 percent
b. 114.7 percent
c. 70.9 percent
d. 65.2 percent
Answer: c. 70.9%
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Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080Who should specialize in knitting sweaters?
A. Alexandra B. Natalia C. Both Natalia and Alexandra D. Neither Natalia nor Alexandra
Graphically, the average productivity of labor is illustrated by:
a. the slope of the total product curve at the relevant point. b. the slope of the marginal productivity curve at the relevant point. c. the negative of the slope of the marginal productivity curve at the relevant point. d. the slope of the chord connecting the origin with the relevant point on the total output curve.
Which of the following is not included in a nation's balance of payments?
a. International barter exchanges. b. International credits (loans). c. International shipping expenses. d. All the above are includedin the balance of payments.
Which of the following statements about U.S. inflation is not correct?
a. Low inflation was viewed as a triumph of President Carter's economic policy. b. There were long periods in the nineteenth century during which prices fell. c. The U.S. public has viewed inflation rates of even 7 percent as a major economic problem. d. The U.S. inflation rate has varied over time, but international data show even more variation.