The CPI increased from 114 to 120 between two years. Average annual household income increased from $30,000 to $60,000 in nominal terms between those two years. What is the percentage increase in the purchasing power of average annual household income between the two years? Express your answer in percentage terms, and round to two decimal places.

The CPI increased from 114 to 120 between two years. Average annual household income increased from $30,000 to $60,000 in nominal terms between those two years. What is the percentage increase in the purchasing power of average annual household income between the two years? Express your answer in percentage terms, and round to two decimal places.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter13: Inflation

Section: Chapter Questions

Problem 2SQP

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