Multiple Choice
The price of a McDonald's hamburger in 1955 was $0.15 when the price index was 27; if in 2011 it was $0.89 when the price index was 220,then adjusted for inflation,the price of a McDonald's hamburger in 2011 was
A) almost exactly the same (within 10 percent) as in 1955.
B) much higher (twice or more) than in 1955.
C) much lower (half or less) than in 1955.
D) a bit higher than in 1955.
E) a bit lower than in 1955.
Correct Answer:
Verified
Correct Answer:
Verified
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