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The value of money is reflected by its purchasing power – the rate at which money is exchanged for goods and services. 1_______. The purchasing power of each dollar can be compared over time by accounting for changes in the price level. 2_______. 3_______. The value of a 1986 dollar is therefore 100/328, or about 0.30 measured in 1967 dollars. 4_______.
The value of money is reflected by its purchasing power – the rate at which money is exchanged for goods and services. 1_______. The purchasing power of each dollar can be compared over time by accounting for changes in the price level. 2_______. 3_______. The value of a 1986 dollar is therefore 100/328, or about 0.30 measured in 1967 dollars. 4_______.
• Thus, a 1986 dollar buys less than one-third the goods and services purchased by a dollar in 1967
• For example, the consumer price index for 1986 was 328, using 1967 as the base year
• The higher the price level is, the fewer goods and services can be purchased with each dollar, so the less each dollar is worth
• To measure the purchasing power of the dollar in a particular year, first compute the price index for that year, then divide 100 by that price index