In 2013, Annie, an 80-year-old, is telling her granddaughter Mary about the good old days. Annie says
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In 2013, Annie, an 80-year-old, is telling her granddaughter Mary about the good old days. Annie says that in 1933, you could buy a nice house for
$15,000 and a jacket for $5. Mary says that in 2013 such a house costs
$220,000 and such a jacket costs $70. The CPI in 1933 was 16.7 and in 2013 it was 218.1. Which house and which jacket have the lower prices?
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Related Book For
Foundations Of Macroeconomics
ISBN: 9780691179261
7th Global Edition
Authors: Bade, Robin;Parkin, Michael
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