In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 228 index points and per capita nominal GDP was $48 comma 500. In January1950, the CPI was at its lowest at 46 index points. Per capita nominal GDP in 1950 was $8 comma 000. Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars. For 1950, real GDP per capita (in 2013 dollars) was

In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 228 index points and per capita nominal GDP was $48 comma 500. In January1950, the CPI was at its lowest at 46 index points. Per capita nominal GDP in 1950 was $8 comma 000. Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars. For 1950, real GDP per capita (in 2013 dollars) was

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Taking The Nation's Economic Pulse

Section: Chapter Questions

Problem 1CQ

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