Login
Premium
Home Question Bank Economics
Question
upstudy study bank question image url

Unit Test Active Minneapolis, MN has a CPI of 173 . Anchorage, AK has a CPI of 226 . How does the purchasing power of someone in Minneapolis earning a salary of \( \$ 42,500 \) compare to the purchasing power of someone in Anchorage earning a salary of \( \$ 67,000 \) ? a. The person living in Minneapolis has \( \$ 57.61 / \) CPI more than the person in Anchorage. b. The person living in Minneapolis has \( \$ 130.45 / \) CPI more than the person in Anchorage. c. The person living in Anchorage has \( \$ 50.80 / \mathrm{CPI} \) more than the person in Minneapolis. d. The person living in Anchorage has \( \$ 90.82 / \mathrm{CPI} \) more than the person in Minneapolis.

Ask by Best Ortiz. in the United States
Mar 06,2025

Upstudy AI Solution

Tutor-Verified Answer

Answer

The person living in Anchorage has $50.80/CPI more purchasing power than the person in Minneapolis.

Solution

Sign in to Unlock Answers for Free!

A Learning Platform Trusted by Millions of Real Students and Teachers.

star-icon Unlock

Answered by UpStudy AI and reviewed by a Professional Tutor

Extra Insights

To compare the purchasing power between the two cities, we need to adjust each salary based on the respective CPI values. In Minneapolis, the adjusted salary would be \( \frac{42,500}{173} = 245.67 \). In Anchorage, it would be \( \frac{67,000}{226} = 296.89 \). When we compare these two figures, we can see that the purchasing power is greater in Anchorage, with a difference of approximately \( 51.22 \). Thus, the nearest answer choice is: **c. The person living in Anchorage has \( \$ 50.80 / \mathrm{CPI} \) more than the person in Minneapolis.** Now, that’s putting some serious power in your pockets — or at least making it clear where to spend wisely!

Related Questions

What does the concept of scarcity imply in economies a) Unlimited wants and limited resodices b) Abundance of goods and selvices c) Equal distris tribution of wearth d) Avallability of resources exceeding human need
Economics South Africa Mar 19, 2025
8 Which one of the following statements is correct a) wants, needs and dernand are escentially simply different terms that havethe came mearing b) Wants and needs are essentially the same but differ from demand c) Needs and demand amount to the same thing d) Dem and differs from wants and needs
Economics South Africa Mar 19, 2025
Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, \( \$ 0 \); and Accounts Receivable, \( \$ 6,500 \). Of the \( \$ 6,500 \) of receivables, \( \$ 1,750 \) are within a \( 2 \% \) discount period, meaning that it expects buyers to take \( \$ 35 \) in future- period discounts arising from this period's sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a \( \$ 8 \) year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts. View transaction list
Economics United States Mar 19, 2025
Lopez Company reports unadjusted first-year merchandise sales of \( \$ 124,000 \) and cost of merchandise sales of \( \$ 31,000 \). a. Compute gross profit using the unadjusted numbers above. b-1.\&2. The company expects future returns and allowances equal to \( 1 \% \) of sales and \( 1 \% \) of cost of sales. Prepare the year-end adjusting entry to record the sales expected to be refunded and cost side of sales returns and allowances. b-3. Recompute gross profit using the adjusted numbers from parts 1 and 2 . c. Is Sales Refund Payable an asset, liability, or equity account? d. Is Inventory Returns Estimated an asset, liability, or equity account?
Economics United States Mar 19, 2025
Which of the following best describes a production a) A graphical representation of the marimum possosivity einise of two goods that an economy can produce with ith given resources and technotogy b) A chat showing and demand and supply of a single good in the markef C) A diagram lllustrating the distribution of income anong differint sectors of the economy d) A visualization of the price elastcity of demand for vanows prod
Economics South Africa Mar 19, 2025

Latest Economics Questions

Required information [The following information applies to the questions displayed below] Sydney Retailtng (buyer) and Troy Wholesalers (setler) enter into the following transactions. May 11 Sydney becepts delivery of \( \$ 40,000 \) of merchandise it purchases for resale from froy: invoice dated May 11 , terms \( 3 / 10, n / 90 \), FOB shipping point. The goods cost Troy \( \$ 30,000 \). Sydney pays \( \$ 399 \) cash to Express Shipping for delivery charges on the merchandtse. May 12 Sydney returns \( \$ 1,900 \) of the \( \$ 40,000 \) of goods to Troy, who receives them the same day and restores them to its Inventory. The returned goods had cost troy \( \$ 1,425 \). May 20 Sydney pays Troy for the amount owed. Troy receives the cash imediately. (Both Sydney and Troy use a perpetual imventory system and the net method) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions Vew transection list
Economics United States Mar 19, 2025
Lopez Company reports unadjusted first-year merchandise sales of \( \$ 124,000 \) and cost of merchandise sales of \( \$ 31,000 \). a. Compute gross profit using the unadjusted numbers above. b-1.\&2. The company expects future returns and allowances equal to \( 1 \% \) of sales and \( 1 \% \) of cost of sales. Prepare the year-end adjusting entry to record the sales expected to be refunded and cost side of sales returns and allowances. b-3. Recompute gross profit using the adjusted numbers from parts 1 and 2 . c. Is Sales Refund Payable an asset, liability, or equity account? d. Is Inventory Returns Estimated an asset, liability, or equity account?
Economics United States Mar 19, 2025
ECA115D/ECN105D/EA105D TEST 1 28. In economics, the "HOW" in the production question refers to a) The ways in which factors of production may be combined to produce output b) The way in which firms uses principle of profit maximization c) The way in which the state sets output targets in a command economy d) The problem of scarcity in the economy 29. Adam Smith's concept of the invisible hand suggests that the selfish actions of rational individuals will generate an efficient allocation of scarce resources a) False b) True 30. In the South African economy, the problem of "WHAT TO PRODUCE" is solved primarily by: a) The national Planning Commission b) The South African Reserve Bank c) The South African Revenue Services d) The patterns of consumers spending and direction of government 31. Problems relating to the allocation of the factors of production and the distribution of income exist: a) In socialist economies only b) In capitalist economies only c) In market economies only d) In all economies 32. Which statement best describes the economic system? a) A network of parts interlocked to form a pattern that aims at solving the What, How and For Whom questions in the society. b) Aims at studying the choices economic agents make under conditions of scarcity. c) It explains how the different types of systems are interdependent. d) Coordinating mechanism 33. Which of the following is not a common feature in classifying economic systems? a) Property rights b) Market capitalism c) Planned socialism. d) Traditional system 8
Economics South Africa Mar 19, 2025
Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, \( \$ 0 \); and Accounts Receivable, \( \$ 6,500 \). Of the \( \$ 6,500 \) of receivables, \( \$ 1,750 \) are within a \( 2 \% \) discount period, meaning that it expects buyers to take \( \$ 35 \) in future- period discounts arising from this period's sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a \( \$ 8 \) year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts. View transaction list
Economics United States Mar 19, 2025
ECA115D/ECN105D/EA105D TEST 1 28. In economics, the "HOW" in the production question refers to a) The ways in which factors of production may be combined to produce output b) The way in which firms uses principle of profit maximization c) The way in which the state sets output targets in a command economy d) The problem of scarcity in the economy 29. Adam Smith's concept of the invisible hand suggests that the selfish actions of rational individuals will generate an efficient allocation of scarce resources a) False b) True 30. In the South African economy, the problem of "WHAT TO PRODUCE" is solved primarily by: a) The national Planning Commission b) The South African Reserve Bank c) The South African Revenue Services d) The patterns of consumers spending and direction of government 31. Problems relating to the allocation of the factors of production and the distribution of income exist: a) In socialist economies only b) In capitalist economies only c) In market economies only d) In all economies 32. Which statement best describes the economic system? a) A network of parts interlocked to form a pattern that aims at solving the What, How and For Whom questions in the society. b) Aims at studying the choices economic agents make under conditions of scarcity. c) It explains how the different types of systems are interdependent. d) Coordinating mechanism 33. Which of the following is not a common feature in classifying economic systems? a) Property rights b) Market capitalism c) Planned socialism. d) Traditional system 8
Economics South Africa Mar 19, 2025
Prev Next
Try Premium now!
Try Premium and ask Thoth AI unlimited math questions now!
Maybe later Go Premium
Study can be a real struggle
Why not UpStudy it?
Select your plan below
Premium

You can enjoy

Start now
  • Step-by-step explanations
  • 24/7 expert live tutors
  • Unlimited number of questions
  • No interruptions
  • Full access to Answer and Solution
  • Full Access to PDF Chat, UpStudy Chat, Browsing Chat
Basic

Totally free but limited

  • Limited Solution
Welcome to UpStudy!
Please sign in to continue the Thoth AI Chat journey
Continue with Email
Or continue with
By clicking “Sign in”, you agree to our Terms of Use & Privacy Policy