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Suppose the CPI in 1990 using 1980 as the base year was 114, while the CPI in 1980 using 1975 as the base year was 105. If average salary of engineers in 1990 was 74,500 and they were equally as well off in terms of purchasing power as engineers were in 1980, then the average salary of engineers in 1980 must have been approximately.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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