Janelle earned a salary of $62,000 in 2004 and $80,000 in 2014 . The consumer price index was 126 in 2004 and 170 in 2014 . Janelle's 2004 salary in 2014 dollars is
a. $45,953.
b. $89,280.
c. $107,953.
d. $83,651.
d
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Real GDP per person in the United States was $9,864 in 1950. Over the next 48 years, it grew at a compound annual rate of 2.0%. If, instead, real GDP per person had grown at an average compound annual rate 2.5%, then real GDP per capita in the United States in 1998 would have been approximately ________ larger.
A. $12,530 B. $25,520 C. $6,751 D. $2,370
The downward slope of the aggregate demand curve shows that
A) a higher price level will cause planned purchase rates for final goods and services to be higher. B) an increase in aggregate demand reduces the long-run aggregate supply. C) a lower price level will cause planned purchase rates for final goods and services to be higher. D) an increase in aggregate demand increases the long-run aggregate supply.
"When countries specialize in producing the good in which they have a comparative advantage and then trade with each other, only the country with the absolute advantage gains"
Is the previous statement correct or incorrect? Briefly explain your answer.
Which of the following is a statement with positive economic analysis?
A) Lower wages increase employment and reduce the unemployment rate. B) Slower money growth reduces inflation. C) A reduction in the size of the budget deficit will reduce interest rates. D) all of the above