Answer
d. $900
Work Step by Step
$(300/200) = 1.5$
$1.5 \times \$600 = \$900$
To calculate the purchasing power of today, determine the ratio of today's CPI to 1980's CPI. Then multiply the ratio by the amount of dollars in 1980.
Principles of Economics, 7th Edition
by Mankiw, N. Gregory
Published by
South-Western College
ISBN 10:
128516587X
ISBN 13:
978-1-28516-587-5
Chapter 24 - Part VIII - Measuring the Cost of Living - Quick Check Multiple Choice - Page 519: 5
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