Babe Ruth, the famous baseball player, earned $80,000 in 1931. Today, the best baseball players can earn more than 400 times as much as Babe Ruth earned in 1931. However, prices have also risen since 1931. We can conclude that:

Question

03-03-2020
Business

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Babe Ruth, the famous baseball player, earned $80,000 in 1931. Today, the best baseball players can earn more than 400 times as much as Babe Ruth earned in 1931. However, prices have also risen since 1931. We can conclude that:

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jepessoa jepessoa · Answer 1 · 2020-03-04T01:40:38+01:00

Answer:

D) one cannot determine whether baseball stars today enjoy a higher standard of living than Babe Ruth did in 1931 without additional information regarding increases in prices since 1931.

Explanation:

The value of money changes over time due to inflation and to be able to compare someone's salary back in 1931 with a current salary we would need information regarding how inflation affected the purchasing power of the US dollar. For example, back then a new car costed less than $1,000. Since Babe Ruth was extremely famous and successful, his salary was probably huge compared to the average salaries of back then.