ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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in 1920 a loaf bread cost .05. If the CPI in 1920 was 18 and in 20220 it was 265; what would be true?
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A loaf of bread in 1920 was cheaper than a loaf bread that sells for $1 in 2020.
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A loaf of bread in 1920 was more valuable than a loaf of bread that sells for $2 in 2020.
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A loaf of bread in 1920 at .05 would sell for $3 in 2020 dollars.
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A loaf of bread in 1920 would be worth less than a loaf of bread that sells for .50 in 2020 dollars.
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Explanation:
Detailed explanation-1: -Prices for White Bread, 1939-2023 ($1.89) The current national average price is $1.89 for “Bread, white, pan, per lb. (453.6 gm)".
Detailed explanation-2: -Inflation is the rate of increase in prices over a given period of time.
There is 1 question to complete.