In 1969, Malcolm Bought a Pontiac Firebird for $2,500

question 343

Multiple Choice

In 1969, Malcolm bought a Pontiac Firebird for $2,500. If the price index was 36.7 in 1969 and the price index was 180 in 2009, then what is the price of the Firebird in 2009 dollars?

• A)$509.72
• B)$6,866.49
• C)$9,761.58
• D)$12,261.58

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Definitions:

Exchange Stage

A phase in the development of relationships, especially in the workplace, where mutual values, benefits, and commitments are established between parties.

Group Norms

Shared expectations and rules that guide the behavior of people within a group.

Social Contract

A theory or model that explains how society is organized and individuals' mutual obligations based on an agreement among the society’s members or between the governed and the government.

Maintaining Social Order

Efforts or mechanisms put in place to ensure societal rules and norms are followed, allowing for stable, peaceful coexistence within a community.