In 1954, Mickey Mantle earned $21,000 playing for the New York Yankees. The CPI in 1954 was 26.9, and the CPI in 2010 was 218.06 . What is Mickey Mantle's 1954 salary in 2010 dollars?
Mickey Mantle's 1954 salary in 2010 dollars is $170,232.71.
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At the competitive equilibrium:
A) the demand curve is tangential to the supply curve. B) the quantity demanded exceeds the quantity supplied of a good. C) the quantity supplied exceeds the quantity demanded of a good. D) the quantity demanded is equal to the quantity supplied of a good.
In the short run, expansionary fiscal policy usually will
A) decrease the price level and decrease real GDP. B) increase the price level and increase real GDP. C) decrease the price level and increase real GDP. D) increase the price level and decrease real GDP.
The success of a predatory pricing strategy in an oligopolistic market depends on all of the following except:
A) the number of firms operating in the industry prior to enactment of the policy. B) how far the predatory price is below cost. C) the period of time for which the predatory price is in effect. D) the length of time over which recoupment of profits occurs.
One of the basic assumptions of rational expectations theory is that:
A. People can anticipate the future effects of policy changes and the actions they take may offset the effects of economic policy B. People are not able to assess the future effects of policy changes, so government can use economic policy effectively C. Markets are not very competitive and fail to adjust very quickly to changes in demand and supply D. People expect government to solve the major unemployment and inflation problems facing the nation and behave accordingly