The Consumer Price Index (1982-1984 = 100) in 2016 Was

question 26

Multiple Choice

The Consumer Price Index (1982-1984 = 100) in 2016 was about 237.1. The CPI in 1930 (same base) was 16.7. The New York Yankees paid Babe Ruth $80,000 in 1930, an enormous salary for an athlete in those days. The buying power of the Babe's salary in 2016 dollars is about:

• A) $594,042.
• B) $1,077,365.
• C) $1,135,808.
• D) $16,656,000.
• E) $17,992,000.

Understand the relationship between continental drift, plate tectonics, and biodiversity development.

Understand the origins and types of fossil fuels.

Recognize the major factors that contribute to mass extinctions.

Grasp the concept of fossil scarcity and the conditions that lead to fossil preservation.

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Definitions:

Marginal Product

The additional output that is produced by adding one more unit of a specific input, ceteris paribus.

Variable Input

An input in the production process that can be adjusted in the short term, such as labor or raw materials.

Average Total Cost

The sum of all production costs (both fixed and variable) divided by the total quantity of units manufactured.

Demand

The desire of consumers to purchase goods and services at given prices, which is a fundamental concept in economics determining market dynamics.