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Introduction to Economics💰
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If the sales are not adjusted for inflation, it is called nominal terms. That is the simple dollar from the year of sales. Which movie has made the second highest amount of nominal Lifetime Gross of ticket sales in the US?
Answer: Hint: Choose Actuals in the drop-down menu on the top of the page.
If the sales are not adjusted for inflation, it is called nominal terms. That is the simple dollar from the year of sales. Which movie has made the highest amount of nominal Lifetime Gross of ticket sales in the US?
Answer: Hint: Choose Actuals in the drop-down menu on the top of the page.
For the questions on this page, you should consult this page.
Economists prefer to measure values in real terms. This means taking into account price changes from year to year. So they adjusting for inflation. This way they can compare the earnings from one year to another.
By the measure of economists, and considering inflation, which movie has made the highest amount of Lifetime Adjusted Grosses of ticket sales?
Answer:
Hint: You should look at the table on this link.
The inflation rate between the following two years was 3.1%. Compute the value of CPI in 2016.
| Year | CPI |
| 2016 | ? |
| 2017 | 109 |
Answer:
Round your answer to two decimal places.
Hint: you need to write out the formula for the inflation rate, and then do cross multiply. Then you should also do some factoring. You'll have to isolate for the unknown by moving the numbers to the other side. Play around with it. Remember to convert the inflation rate to decimals.
The inflation rate between the following two years was 5.5%. Compute the value of CPI in 2016.
| Year | CPI |
| 2015 | 112 |
| 2016 | ? |
Answer:
Round your answer to two decimal places.
Hint: you need to write out the formula for the inflation rate, and then do cross multiply. You'll have to isolate for the unknown by moving the numbers to the other side. Play around with it. Remember to convert the inflation rate to decimals.
Suppose P_1 is your variable (= carrot), and
w is a number.
P_1 + 3wP_1 =
Suppose P_1 is your variable (= carrot), and
w is a number.
P_1 + wP_1 =
Now, instead of carrot, suppose you have P_2 Treat it in exactly the same way as you would treat a carrot!
P_2 + 0.2P_2 =
P_2
Enter a number in the box.
Now, instead of carrot, suppose you have P_1 Treat it in exactly the same way as you would treat a carrot!
P_1 + 0.7P_1 =
P_1
Enter a number in the box.