Suppose your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year. Instructions: Round your answers to 1 decimal place. 1).By what percentage would your real income (approximately) increase? 2). If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent in some year, what must have been the (approximate) rate of inflation? ( in percentage)
Suppose your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year. Instructions: Round your answers to 1 decimal place. 1).By what percentage would your real income (approximately) increase? 2). If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent in some year, what must have been the (approximate) rate of inflation? ( in percentage)
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 13P
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Suppose your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year.
Instructions: Round your answers to 1 decimal place.
1).By what percentage would your real income (approximately) increase?
2). If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent in some year, what must have been the (approximate) rate of inflation? ( in percentage)
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