Assignment:
Q.1. From the Federal Reserve Bank of St Louis you collect the following data:
Period Price of oil ($ per barrel) Consumer Price Index
1965 2.920 31.7
1979 21.750 73.1
2002 29.420 180.9
2006 70.940 202.5
In real terms, in what year was crude oil was more expensive? Show your calculations and provide a brief explanation.Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.Provide step by step solutions for the above question.