Multiple Choice
If the price index in 1922 was 17 and a unit of Nabisco Oreo cookies cost $0.32,and if the price index today is 220 and a unit of Nabisco Oreo cookies costs $2.99,then the inflation-adjusted price of Oreos today is
A) almost exactly the same (within 10 percent) as in 1922.
B) much higher (twice or more) than in 1922.
C) much lower (half or less) than in 1922.
D) a bit higher than in 1922.
E) a bit lower than in 1922.
Correct Answer:
Verified
Correct Answer:
Verified
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