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Author Question: Using Price Indexes to Correct for InflationSuppose the CPI last year was 278.8 and the CPI this ... (Read 81 times)

blinding37

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on: Nov 23, 2022

Question 1

Using Price Indexes to Correct for Inflation

Suppose your grandmother earned a salary of $21,000 in 1975. If the CPI was 53 in 1975 and is 264 today, then the value of your grandmother's salary in today's dollars is approximately ________. (Round to the nearest dollar.)
◦ $4,431,000
◦ $4216
◦ $104,604
◦ $11,130

Question 2

Using Price Indexes to Correct for Inflation

Suppose the CPI last year was 278.8 and the CPI this year is 283.5.  If a retired firefighter received her monthly pension check of $3600 last year and her pension is tied to the CPI, how much would her monthly pension check be this year?
◦ $3600
◦ $3604.70
◦ $3660.69
◦ $16,920.00
Macroeconomics ¦ Acemoglu, Laibson, List ¦ 3rd Edition
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Marked as best answer by blinding37 on Nov 23, 2022

Jaclyn92G6

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Reply #1 on: Nov 23, 2022
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blinding37

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Reply 2 on: Nov 23, 2022
Thanks for the timely response, appreciate it

carojassy25

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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