In February 2010, the price of gasoline in the Florida was $2.629 per gallon and the CPI was 202.4 with a base period of 1982 to 1984. What was the real price of gasoline per gallon in base period dollars?
A) $2.629 per gallon
B) $1.00 per gallon
C) $1.29 per gallon
D) $5.32 per gallon
E) $1.809 per gallon
C
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In a decision tree, the difference between a decision node and a terminal node is that
A) at a decision node all participants make the same decision, while at a terminal node different players may make different decisions. B) at a decision node a decision must be made, while a terminal node shows the payoff. C) at a decision node a decision must be made, while at a terminal node the final decision must be made. D) at a decision node all participants are free to make individual decisions but at a terminal node they must agree on a collective decision.
When will an industry's long-run supply curve be horizontal at firms' break-even price?
a. When expansion of the industry allows new input markets to develop. b. When some firms are more efficient than others. c. When specialized skills play a significant role in production. d. When firms are identical and there is no factor-price effect.