Consider golfers who led the Professional Golfers Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Casper, Miller, and Pavin, use the formula for converting dollar figures from an earlier era into year 2016 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Nominal Winnings U.S. CPI (Dollars) (1983 = 100) Winnings in 2016 Dollars Year Golfer 1968 Billy Casper 205,169 34.8 1974 Johnny Miller 353,022 49.3 1991 Corey Pavin 979.430 136.2 2016 Dustin Johnson 9,365,185 240.0 9,365,185 True or False: ACcording to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation. O True O False
Consider golfers who led the Professional Golfers Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Casper, Miller, and Pavin, use the formula for converting dollar figures from an earlier era into year 2016 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Nominal Winnings U.S. CPI (Dollars) (1983 = 100) Winnings in 2016 Dollars Year Golfer 1968 Billy Casper 205,169 34.8 1974 Johnny Miller 353,022 49.3 1991 Corey Pavin 979.430 136.2 2016 Dustin Johnson 9,365,185 240.0 9,365,185 True or False: ACcording to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation. O True O False
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Consider golfers who led the Professional Golfers Association of America (PGA) in winnings at different points in time. Note that the winnings are
nominal figures (unadjusted for inflation).
To convert the original earnings of Casper, Miller, and Pavin, use the formula for converting dollar figures from an earlier era into year 2016 U.S.
dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar.
Nominal Winnings
U.S. CPI
Golfer
(Dollars)
(1983 = 100)
Winnings in 2016 Dollars
jasan
Year
1968
Billy Casper
205,169
34.8
1974
Johnny Miller
353,022,
49.3
1991
Corey Pavin
979,430
136.2
2016
Dustin Johnson
9,365,185
240.0
9,365,185
True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest
PGA winnings after adjusting for inflation.
O True
O False](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F795e60d9-3b88-497f-9ce1-b8440a91a1ae%2Fd527e5bd-cf46-47f9-92af-727ca2b0a8f5%2Flg7z3q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider golfers who led the Professional Golfers Association of America (PGA) in winnings at different points in time. Note that the winnings are
nominal figures (unadjusted for inflation).
To convert the original earnings of Casper, Miller, and Pavin, use the formula for converting dollar figures from an earlier era into year 2016 U.S.
dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar.
Nominal Winnings
U.S. CPI
Golfer
(Dollars)
(1983 = 100)
Winnings in 2016 Dollars
jasan
Year
1968
Billy Casper
205,169
34.8
1974
Johnny Miller
353,022,
49.3
1991
Corey Pavin
979,430
136.2
2016
Dustin Johnson
9,365,185
240.0
9,365,185
True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest
PGA winnings after adjusting for inflation.
O True
O False
Expert Solution
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Step 1
Nominal value of winning is given. To calculate real value of winning, CPI is used, which reflects the inflation rate in the economy.
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