A raincoat costs $79.25 today. If a similar raincoat cost $52.48 in 1983, what is the CPI?
What is inflation?
The prices of consumer goods do not always exactly follow the CPI. The following chart shows several consumer items, along with their respective prices in 1983 and today.ItemPrice in 1983 ($)Current Price ($)Shower curtain8.8515.66Floor rug71.25119.75T-shirt13.9523.99Oscillating fan22.7537.50Using the prices shown on this chart, which of the following is a reasonable estimate of the current CPI?
Atlanta, GA has a CPI of 168. Seattle, WA has a CPI of 204. How does the purchasing power of an Atlanta resident earning a $32,800 salary compare to the purchasing power of a Seattle resident earning a $46,400 salary?
Which of the following is not considered when calculating a country’s GDP?
Sofa pillows cost $26.80 each when the CPI is 159. In 1983, how many sofa pillows could you buy with $125?
The CPI is currently 153. If a coffee maker costs $31.90 today, how much did one cost in 1983, to the nearest cent?
In 1983, a cast-iron pan cost $28.35. Today, a cast-iron pan costs $52.95. If the CPI is 166, what is the percent relation of the actual price of a cast-iron pan to the expected price?
A bicycle helmet cost $41.40 in 1983. What will a bicycle helmet cost when the CPI is 186? Round to the nearest cent.
In 1983, a microwave oven cost $78.75. Today, a microwave oven costs $92.66. If the CPI is 177, what is the relation of the actual price of a microwave oven to the expected price, to the nearest cent?
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