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1985 his hourly wage was $6. What is this amount in 2012 dollars, knowing that the price index was 40 in 1985 and 80 in 2012?

1985 his hourly wage was $6. What is this amount in 2012 dollars, knowing that the price index was 40 in 1985 and 80 in 2012?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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When Julio got his first job in Melbourne in 1985 his hourly wage was $6. What is this amount in 2012 dollars, knowing that the price index was 40 in 1985 and 80 in 2012? Select one: а. 3 b. It is impossible to calculate without knowing the base year C. 8 d. 12 Assume that in 2019 the CPI basket was valued at $150, and that in 2020 it was valued at $165. If 2019 is the base year, then the CPI in 2020 is: Select one: а. 100 b. 108 С. 102 d. 110 Consider three inputs of production: labour, physical capital and natural resources and assume the economy to have constant returns to scale. How will doubling all three inputs in the same proportion affect total gross domestic product (GDP) in the economy? Select one: а. It will double b. It will not change С. It will increase, but less than double due to diminishing returns to capital d. None of the other options are correct Consider the following data on the only products produced and consumed in the economy Using 2020 as the base year, what was the real GDP in 2019 (in $)? Select one: а. None of the other options are correct b. 14 C. 47 d. 22
Transcribed Image Text:When Julio got his first job in Melbourne in 1985 his hourly wage was $6. What is this amount in 2012 dollars, knowing that the price index was 40 in 1985 and 80 in 2012? Select one: а. 3 b. It is impossible to calculate without knowing the base year C. 8 d. 12 Assume that in 2019 the CPI basket was valued at $150, and that in 2020 it was valued at $165. If 2019 is the base year, then the CPI in 2020 is: Select one: а. 100 b. 108 С. 102 d. 110 Consider three inputs of production: labour, physical capital and natural resources and assume the economy to have constant returns to scale. How will doubling all three inputs in the same proportion affect total gross domestic product (GDP) in the economy? Select one: а. It will double b. It will not change С. It will increase, but less than double due to diminishing returns to capital d. None of the other options are correct Consider the following data on the only products produced and consumed in the economy Using 2020 as the base year, what was the real GDP in 2019 (in $)? Select one: а. None of the other options are correct b. 14 C. 47 d. 22
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