If the Consumer Price Index in 2007 Is 25 Times

question 6

Multiple Choice

If the consumer price index in 2007 is 25 times that of 1860, and a slave cost $2,000, how much is that in terms of 2007 dollars?

• A) $12,500
• B) $25,000
• C) $50,000
• D) $75,000
• E) $750,000

---

Definitions:

Fewer Bidders

a situation in auctions or competitive environments where there is a reduced number of participants bidding for the same item or contract.

Common-value Auction

An auction format where the item for sale has the same value for everyone but the bidders have different information about that value.

Exact Value

Precise numerical value without approximation, representing the true measure or count of something.

Bidders

Individuals or entities that offer a specific price for goods, services, or assets in auctions or competitive tenders.