If a college professor's income has increased by 3 percent at the same time that prices have risen by 5 percent, the professor's real income has a. decreased by 2 percent. b. increased by 2 percent. c. increased by 7 percent. d. decreased by 7 percent. not changed. e.

If a college professor's income has increased by 3 percent at the same time that prices have risen by 5 percent, the professor's real income has a. decreased by 2 percent. b. increased by 2 percent. c. increased by 7 percent. d. decreased by 7 percent. not changed. e.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

10. If a college professor's income has increased by 3 percent at the same time that prices have
risen by 5 percent, the professor's real income has
a. decreased by 2 percent.
b. increased by 2 percent.
c. increased by 7 percent.
d. decreased by 7 percent.
not changed.
e.

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