Good X sold for $40 in 1957. The CPI in 1957 was 27.6 and the CPI in 2014 was 244.537. What was the price of good X in 2014 dollars?
A) $514.60
B) $270.92
C) $1,201.60
D) $310.92
E) ?$354.40
E
You might also like to view...
The firm will shut down in the short run if
A) the price falls below its minimum AVC. B) the market price rises unexpectedly. C) P = MC. D) P = ATC at its minimum.
The chances of successful collusion are greatest when
a. firms are producing a differentiated product b. there are many firms in the industry c. there are tiny firms and huge firms together in the same industry d. demand curves and cost curves are similar among the firms in the industry e. demand is falling
Which of the following is true?
a. In low-income countries, less than 5 percent of those 15 and older were illiterate in 2007 b. In middle-income countries, 17 percent of those 15 and older were illiterate in 2007 c. In high-income countries, 38 percent of those 15 and older were illiterate in 2007 d. Education bears little relationship to economic development in high income countries e. Education is more important to the economic development of low income countries than it is to high income countries
Which statement is false?
A. The most important determinant of the value of an acre of land is its location. B. The supply of land is virtually fixed. C. Land is not a resource; only the minerals that are found under it are resources. D. A firm's demand for land is its marginal revenue product schedule for land.