In 1992, a scoop of gelato could be purchased in Italy for 1200 lire. The same gelato would have cost $\$1.50$ in the U.S. At the equivalent exchange rate between the lire and the dollar, how many dollars would be equivalent to 1,000,000 lire?
Multiply both sides of $1200\text{ lire}=\$1.50$ by $1,\!000,\!000/1200$ to find that one million lire equals $\frac{3}{2}\cdot10,\!000/12=\boxed{1250}$ dollars.