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Answer :
Since the nominal price of gasoline in 2022 is $5, to convert it to the prices of 1980, you would divide $5 by the inflation factor between 1980 and 2022.
To convert the nominal price of a gallon of gasoline from 2022 to the prices of 1980, you would:
1. Divide the nominal price of gas in 2022 by the inflation factor between 1980 and 2022. The inflation factor is calculated as follows:
Inflation Factor = Price level in 2022 / Price level in 1980
Since the nominal price in 2022 is $5 and the year is 2022, you would divide $5 by the inflation factor to get the adjusted price in 1980 dollars.
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