The CPI in 1970 Was 38

question 50

Short Answer

The CPI in 1970 was 38.8 and in 1998 the CPI was 163.0. If the real value of a 1970 gallon of milk in terms of 1998 dollars is $0.70, what was the nominal price of milk in 1970?

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Definitions:

Antigens

Foreign substances or toxins that induce an immune response in the body, especially the production of antibodies.

Diverticulosis

The condition of having diverticula, which are small bulging pouches, in the intestinal wall, that may or may not cause discomfort or other symptoms.

Bulging Pouches

Outwardly protruding sacs or bags, often referring to diverticula in the digestive tract that can lead to diverticulosis if inflamed.

GI Tract

Short for gastrointestinal tract, it is the combined system of organs that process food and extracts nutrients from it, beginning with the mouth and extending through the esophagus, stomach, intestines, and ending with the rectum.