### Inflation Adjustment Exercise**Question 13:**President Herbert Hoover was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 1931 and 195 for 2005. President Hoover’s 1931 salary was equivalent to a 2005 salary of about:- ○ $1,254,262- ○ $1,455,995- ○ $1,125,008- ○ $962,171This exercise involves calculating the equivalent salary by adjusting for inflation using the provided consumer price indices. **Question:**With a tax on demand (if demand is downward-sloping as it usually is), the price that buyers pay with the tax ______________, and the price that sellers receive with the tax ______________.**Options:**- ○ always increases; always increases- ○ always increases; stays the same- ○ always increases; always decreases- ○ stays the same; always increasesThis section explains the impact of a tax on demand, focusing on how it affects prices for buyers and sellers.

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13 President Herbert Hoover was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 1931 and 195 for 2005. President Hoover's 1931 salary was equivalent to a 2005 salary of about O $1,254,262. O $1,455,995. O $1,125,008 O $962,171

13 President Herbert Hoover was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 1931 and 195 for 2005. President Hoover's 1931 salary was equivalent to a 2005 salary of about O $1,254,262. O $1,455,995. O $1,125,008 O $962,171

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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