Essentials of Economics 7th Edition by Gregory Mankiw

Exercise 3

Suppose that the year you were born someone bought $100 of goods and services for your baby shower. How much would you guess it would cost today to buy a similar amount of goods and services? Now find data on the consumer price index and compute the answer based on it. (You can find the BLS's inflation calculator here: http://www.bls.gov/data/ inflation_calculator.htm.)