Question

Review Table 9.1. Compare the price of goods changes from 1970 to 2014 (in % terms). Which goods realized the largest % increase? What was the % increase in the wage rate over this time period?

Items	1970	2014
Pound of ground beef	$0.66	$4.16
Pound of butter	$0.87	$2.93
Movie ticket	$1.55	$8.17
Sales price of new home (median)	$22,000	$280,000
New car	$3,000	$32,531
Gallon of gasoline	$0.36	$3.36
Average hourly wage for a manufacturing worker	$3.23	$19.55
Per capita GDP	$5,069	$53,041.98

Answer 1

Ans. Sales Price of New Home realized the largest % increase.

% increase in wage rate over this time period

= ( 19.55 - 3.23 ) ÷ 3.23 × 100

= 505.2%

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