Macroeconomics 15th Edition by James Gwartney, Richard Stroup, Russell Sobel, David Macpherson

Exercise 15

The nominal salary paid to the president of the United States along with data for the consumer price index (CPI) are given for various years below.
a. Calculate the president's real salary measured in the purchasing power of the dollar in 2000.
b. In which year was the real presidential salary the highest
c. The president's nominal salary was constant between 1920 and 1940. What happened to the real salary Can you explain why