ies of Macroeconomics 1ll 2017-Midterm2 Name L.D 11. The CP 208 in 2010, and the

Question

ies of Macroeconomics 1ll 2017-Midterm2 Name L.D 11. The CP 208 in 2010, and the CPI was 96 in 1982. 1 your parents put aside $3 500 for you could have in 1982, then h bought with the $500 in 1982 a ow much would you have needed in 2010 in order to buy what you a. $492.35 b. $1,083.33. c. $1,124.24. d. $1,351.92 12. Suppose there are constant returns to scale. Now suppose that, over time, a country doubles its workers, its nat unchanged. Which of the following would double? rai resources, its physical capital, and its human capital, but its technology is a. Both output and productivity b. Productivity, but not output. c. Output, but not productivity d. Neither productivity nor output

Explanation / Answer

CPI (1982) = 96

CPI (2010) = 208

Price is directly related to CPI

So, 500 in 1982 would be equal to x in 2010.

208/96 = x/500

so, x= $1083.33 (Option b)

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