If your nominal income rose by 5.3 percent and the price level rose by 4.8 percent in some year, by what percentage would your real income (approximately) increase? Instruction: Round your answer to one decimal place. % If your nominal income rose by 2.8 percent and your real income rose by .9 percent in some year, what must have been the (approximate) rate of inflation?
If your nominal income rose by 5.3 percent and the price level rose by 4.8 percent in some year, by what percentage would your real income (approximately) increase? Instruction: Round your answer to one decimal place. % If your nominal income rose by 2.8 percent and your real income rose by .9 percent in some year, what must have been the (approximate) rate of inflation?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
If your nominal income rose by 5.3 percent and the price level rose by 4.8 percent in some year, by what percentage would your real income (approximately) increase?
Instruction: Round your answer to one decimal place.
%
If your nominal income rose by 2.8 percent and your real income rose by .9 percent in some year, what must have been the (approximate) rate of inflation?
Instruction: Round your answers to one decimal place.
%
Instruction: Round your answer to one decimal place.
%
If your nominal income rose by 2.8 percent and your real income rose by .9 percent in some year, what must have been the (approximate) rate of inflation?
Instruction: Round your answers to one decimal place.
%
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