Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6. Critical analysis Q12 The following table shows the nominal salary paid to the president of the United States and data for the consumer price

6. Critical analysis Q12

The following table shows the nominal salary paid to the president of the United States and data for the consumer price index (CPI) for various years.

Year Presidential Salary CPI
(Dollars) (2000 = 100)
1920 75,000 11.6
1940 75,000 8.1
1960 100,000 17.2
1980 200,000 47.9
2000 400,000 100.0
2019 400,000 153.5

The president's real salary in the year 2000, measured in the purchasing power of the dollar in 2000 is

.

The real presidential salary was the lowestin .

The president's nominal salary was constant between 1920 and 1940. This means that the real salary .

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Michael Parkin

12th edition

133872297, 133872293, 978-1292094632

More Books

Students also viewed these Economics questions

Question

What are the different techniques used in decision making?

Answered: 1 week ago