In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 218 index points and per capita nominal GDP was $41,800. In January 1950, the CPI was at its lowest at 87 index points. Per capita nominal GDP in 1950 was $7,600. Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars. For 1950, real GDP per capita (in 2013 dollars) was $....... (Round your response to one decimal place.) For the people of Polonia, life satisfaction was likely higher in ▼ . The level of life satisfaction hinges on the correlation between happiness and real GDP per capita. Surveys done by social scientists indicate ▼ a robust positive relationship a weak positive relationship an indeterminate relationship a negative relationship between life satisfaction and real GDP per capita
In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 218 index points and per capita nominal GDP was $41,800. In January 1950, the CPI was at its lowest at 87 index points. Per capita nominal GDP in 1950 was $7,600. Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars. For 1950, real GDP per capita (in 2013 dollars) was $....... (Round your response to one decimal place.) For the people of Polonia, life satisfaction was likely higher in ▼ . The level of life satisfaction hinges on the correlation between happiness and real GDP per capita. Surveys done by social scientists indicate ▼ a robust positive relationship a weak positive relationship an indeterminate relationship a negative relationship between life satisfaction and real GDP per capita
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of
GDP was
218
index points and per capita nominal $41,800.
In January 1950, the CPI was at its lowest at
87
index points. Per capita nominal GDP in 1950 was
$7,600.
Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars.
For 1950, real GDP per capita (in 2013 dollars) was
$.......
(Round
your response to one decimal
place.)
For the people of Polonia, life satisfaction was likely higher in
.
▼
The level of life satisfaction hinges on the correlation between happiness and real GDP per capita.
Surveys done by social scientists indicate
between life satisfaction and real GDP per capita.
▼
a robust positive relationship
a weak positive relationship
an indeterminate relationship
a negative relationship
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