umbers and Graphs: Macroeconomic Measurements, Part I: Prices and Unemployment (Ch 06)1969 36.7 1997 160.51970 38.8 1998 163.01971 40.5 1999 166.61972 41.8 2000 172.21973 44.4 2001 177.11974 49.3 2002 179.91975 53.8 2003 184.01976 56.9 2004 188.91977 60.6 2005 195.31978 65.2 2006 201.61979 72.6 2007 207.3421980 82.4 2008 215.3031981 90.9 2009 214.5371982 96.5 2010 218.0561983 99.6 2011 224.9391984 103.9 2012 229.5941985 107.6 2013 232.9571986 109.6 2014 236.7372015 237.0171987 113.62016241.353Source: The Date Were Reported at the Website of the US Bureau of Labor Statistics: Http://www.bls.gow/home.htm Beginning in 2007, the Bureau of LaborStatistics Bagan Reporting the CPI to Three Decimal Paints..Jim earned an annual salary of $30,000 in 1980.Using the table, what is Jim's salary equivalent to in 2016 dollars?$2,472,000$7,240,590$10,242$87,871.24 Numbers and Graphs: Macroeconomic Measurements, Part I: Prices and Unemployment (Ch 06)The following table shows CPI in the period from 1960 to 2016. (Note: This is Exhibit 2 in your textbook.)Use this table to answer the question that follows.Year CPI Year CPI1960 29.6 1988 118.31961 29.9 1989 124.01962 30.2 1990 130.71963 30.6 1991 136.21964 31.0 1992 140.31965 31.5 1993 144.51966 32.4 1994 148.2196733.4 1995 152.4156.91968 34.8 19961969 36.7 1997160.51970 38.8 1998 163.01971 40.5 1999 166.61972 41.8 2000 172.21973 44.4 2001 177.11974 49.3 2002179.91975 53.8 2003 184.01976 56.9 2004188.91977 60.6 2005 195.31978 65.2 2006 201.61979 72.6 2007 207.3421980 82.4 2008 215.3031981 90.9 2009 214.5371982 96.5 2010 218.0561983 99.6 2011 224.9391984 103.9 2012 229.5941985 107.6 2013 232.9571986 109.6 2014 236.7371987 113.6 2015 237,0172016 944909

Consumer Price Index:CPI means the price change based on a basket of goods and services. CPI is a…

1971 40.5 1999 166.6 1972 41.8 2000 172.2 1973 44.4 2001 177.1 1974 49.3 2002 179.9 1975 53.8 2003 184.0 1976 56.9 2004 188.9 1977 60.6 2005 195.3 1978 65.2 2006 201.6 1979 72.6 2007 207.342 1980 82.4 2008 215.303 1981 90.9 2009 214.537 1982 96.5 2010 218.056 1983 99.6 2011 224.939 1984 103.9 2012 229.594 232.957 1985 107.6 2013 1986 109.6 2014 236.737 1987 113.6 2015 237.017 2016 241.353 Source: The Data Were Reported at the website of the US Bureau of Labor Statistics Statistics Began Reporting the CPI to Three Decimal Paints Jim earned an annual salary of $30,000 in 1980. Using the table, what is Jim's salary equivalent to in 2016 dollars? $2,472,000 $7,240,590 $10,242 $87,871.24 2007, the Bureau of Labor

1971 40.5 1999 166.6 1972 41.8 2000 172.2 1973 44.4 2001 177.1 1974 49.3 2002 179.9 1975 53.8 2003 184.0 1976 56.9 2004 188.9 1977 60.6 2005 195.3 1978 65.2 2006 201.6 1979 72.6 2007 207.342 1980 82.4 2008 215.303 1981 90.9 2009 214.537 1982 96.5 2010 218.056 1983 99.6 2011 224.939 1984 103.9 2012 229.594 232.957 1985 107.6 2013 1986 109.6 2014 236.737 1987 113.6 2015 237.017 2016 241.353 Source: The Data Were Reported at the website of the US Bureau of Labor Statistics Statistics Began Reporting the CPI to Three Decimal Paints Jim earned an annual salary of $30,000 in 1980. Using the table, what is Jim's salary equivalent to in 2016 dollars? $2,472,000 $7,240,590 $10,242 $87,871.24 2007, the Bureau of Labor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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