In Questions Make the Assumption That the Change in Housing

question 99

Multiple Choice

In Questions make the assumption that the change in housing prices exactly matches the change in the CPI. In fact, housing is only part of the CPI, and figures into the CPI through rents rather than sale prices, so this assumption may be far from correct.
-John bought a house in 1947 and sold it in 2012 for $80,000. If the 1947 CPI is 22.3 and the 1997 CPI is 160.5, how much would the house be worth in 1947 dollars?

• A) $5,578
• B) $7,770
• C) $8,633
• D) $4,844

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