|
Economics 121 B & C |
Quiz 7 |
Friday, November 7, 1997 |
|
Prof. A. D. Becker |
Name:___________________________ |
|
Item |
1981 |
1997 |
|
CPI (base period = 1982-4) |
90.9 |
161.2 |
|
Student work wage rate: $/hour |
$4.25 |
$5.75 |
|
Price of typical economics textbook: $ |
$22 |
$60 |
|
Tuition, room, and board: $ |
$4,700 |
$20,000 |
1) Determine the real wage rate for student work in 1981 and 1997.
2) By what percentage has the real price of a textbook gone up or down?
3) What was 1981's student worker paid in today's dollars?
4) What was 1981's tuition, room, and board in today's dollars?