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Author Question: If the consumer price index in 2007 is 25 times that of 1860, and a slave cost 2,000 in 1860, how ... (Read 30 times)

EAugust

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on: Jun 30, 2018
If the consumer price index in 2007 is 25 times that of 1860, and a slave cost 2,000 in 1860, how much is that in terms of 2007 dollars?
 a. 12,500
  b. 25,000
  c. 50,000
  d. 75,000
  e. 750,000

Question 2

An increase in the price of oil causes
 a. a decrease in the demand for substitute goods.
  b. an increase in the price of substitute goods.
  c. an increase in the demand for complementary goods.
  d. an increase in the price of complementary goods.


dajones82

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c. 50,000

Answer to Question 2

b. an increase in the price of substitute goods.


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