Business, 15.07.2019 20:10 curlyloo01

Question in 1974, the price of a first-class postage stamp was 1010 cents, a loaf of bread averaged 2828 cents, gasoline was 5353 cents per gallon, and the average price of a new car was $4 comma 0004,000. in 2014, the postage stamp cost 49 cents, a loaf of bread was $2.46, gasoline averaged $3.36 per gallon, and the average new car cost $32,531. based on this information, can we conclude that consumers today are worse off than consumers in 1974? a. no, we need to compare the purchasing power of consumers in 1974 with the purchasing power of people in 2014. b. yes, this is further proof that people have been losing the battle against inflation over the past 60 years. c. yes, based on the data, goods were much cheaper in 1974 so we can conclude that consumers today are worse off. d. no, other factors such as the unemployment rate or national output levels are required to answer this question.

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Question in 1974, the price of a first-class postage stamp was 1010 cents, a loaf of bread averaged...