Henry Ford paid his workers $5 a day in 1914. If the consumer price index was 10

Question:

Henry Ford paid his workers $5 a day in 1914. If the consumer price index was 10 in 1914 and 218 in 2010, how much is the Ford paycheck worth in 2010 dollars?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of economics

ISBN: 978-0538453042

6th Edition

Authors: N. Gregory Mankiw

See More Books

Question Posted: Dec 14, 2012 06:07 AM

See More Questions

A man earned $80,000 when the Consumer Price Index was 200. What were his earnings in terms of $2,000 if the base period was 2000? A. $160,000 B. $80,000 C. $40,000 D. $60,000
If the Consumer Price Index rose from 109.6 to 133.8 over an 8 -year period, what was the equivalent compound annual inflation rate during the period?
The Canadian Consumer Price Index was approximately 98.5 (base year 1992) at the beginning of 1991. If inflation continued at an average annual rate of 3%, what would the index be at the beginning of...
Consult Paragraphs 28-30 of PCAOB Auditing Standard No. 5. Identify at least one relevant financial statement assertion related to the restructuring reserve account. Why is it relevant?
In Example TMP two different prices were considered for marketing standard mix with the revised recipes (one-third peanuts in each recipe). Selling standard mix at $5.50 resulted in selling the...
Power feed is not provided on the following drilling machine : (a) bench drill press (b) gang drilling machine (c) radial drilling machine (d) all of the above.
The pressure limit in a Otto cycle are 1 bar and 20 bar. The compression ratio is 5. Calculate (a) thermal efficiency, and (b) mean effective pressure. Assume $\gamma=1.4$ for air.
Jaguar Land Rover Automotive PLC (JLR) is a maker of luxury autos based in Coventry, United Kingdom. JLR uses IFRS and has a fiscal yearend of March 31. You have been asked to use your knowledge of...
Suppose a point charge creates a 1 2 5 0 0 N / C electric field at a distance of 0 . 3 5 m . What is the magnitude of the point charge in coulombs? What is the strength of the field, in newtons per...
In December 2018, the Accounts Receivable controlling account on the books of Stag Co. showed one debit posting and two credit postings. The debit represents receivables from December saIes of...
Explain briefly what the consumer price index measures and how it is constructed. Identify one reason why the CPI is an imperfect measure of the cost of living.
Which do you think has a greater effect on the consumer price index: a 10 percent increase in the price of chicken or a 10 percent increase in the price of caviar? Why?
A Cottrell precipitator consists of a column containing electrodes that are connected to a high-voltage direct current (DC) source. The Cottrell precipitator is placed in smokestacks to remove smoke...
Hendricks Corporation has very large E\&P. On May 15, 2018, it declared a $15 \%$ stock dividend payable to all shareholders. On September 15, 2018, when each share was worth $\$ 500$, it...
Gary owns 100 shares of common stock (class A) in Justine Inc. which he acquired on October 10,2008 , for $\$ 5,000$. On July 8, 2018, Gary received 20 shares of class $B$ common stock in a...
Maples Corp., whose outstanding stock is worth $\$ 4$ million, has a net operating loss carryforward of $\$ 1$ million. Maples is owned 45 percent by Alan and 55 percent by Cline, who are...
How might an organisation use SHRM interventions to support a culture re-alignment process?
At the beginning of Chapter 4 it is argued that "trade-off" exists between damage and control costs. Furthermore "from an economic viewpoint, a dollar's worth of investment (expenditure) on...
In other words, what Dr Rausing is saying is that the benefits to the customer and society from packaging should outweigh the resources used and the costs of its manufacture. Most efforts to reduce...
If your school has a subscription to the FASB Codification, go to aaahq.org/ ascLogin.cfm to log in and prepare responses to the following. (a) What is the stock dividend? (b) What is a stock split?...
Sketch the graph of each equation in Problems 3-30. $y=x^{2}+4$
Consider public policy aimed at smoking. a. Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs $2 and the government wants to...
You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue. Should you increase or decrease the price of admission? Explain.
Suppose the government removes a tax on buyers of a good and levies a tax of the same size on sellers of the good. How does this change in tax policy affect the price that buyers pay sellers for this...
Supply is the connection between the cost of a decent and the amount ready to move costing that much. It very well might be addressed as a table or diagram relating cost and amount provided. Makers,...
If 50% of the men 18-34 years old watch television on Mondays at 11 PM, and 30% of those viewers watch Monday Night Football, what is Monday Night Football's rating among men 18-34?
Assume you are a media planner and you have just completed a media plan using both magazine and television advertising. Your magazine schedule reaches 50 percent of the target audience and your...

Henry Ford paid his workers $5 a day in 1914. If the consumer price index was 10

Question:

Step by Step Answer:

Since Henry Ford paid his workers ...View the full answer

Principles of economics

Students also viewed these Economics questions