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The table below lists hypothetical CPI and wage values for the United States from different decades. a. Complete the table by computing the real income for each year shown in the table. Instructions: Round your answers to 2 decimal places. Nominal and Real Income Average Nominal Wage (dollars) Year CPI Average Real Wage (dollars) 1967 $7,077 33.4 2$ 1977 13,579 60.6 1987 26,055 113.6 1997 ר17 ,37 160.5 2007 49,698 207.3 2013 52,322 233 Instructions: Enter the year using all four numbers (yyyy). b. Of the years listed above, the paycheck of the average worker was highest in c. Of the years listed above, the purchasing power of the average worker was highest in

The table below lists hypothetical CPI and wage values for the United States from different decades. a. Complete the table by computing the real income for each year shown in the table. Instructions: Round your answers to 2 decimal places. Nominal and Real Income Average Nominal Wage (dollars) Year CPI Average Real Wage (dollars) 1967 $7,077 33.4 2$ 1977 13,579 60.6 1987 26,055 113.6 1997 ר17 ,37 160.5 2007 49,698 207.3 2013 52,322 233 Instructions: Enter the year using all four numbers (yyyy). b. Of the years listed above, the paycheck of the average worker was highest in c. Of the years listed above, the purchasing power of the average worker was highest in

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Measuring The Cost Of Living
Section: Chapter Questions
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The table below lists hypothetical CPI and wage values for the United States from different decades. a. Complete the table by computing the real income for each year shown in the table. Instructions: Round your answers to 2 decimal places. Nominal and Real Income Average Nominal Wage (dollars) Year CPI Average Real Wage (dollars) 1967 $7,077 33.4 1977 13,579 60.6 1987 26,055 113.6 1997 37,177 160.5 2007 49,698 207.3 2013 52,322 233 Instructions: Enter the year using all four numbers (yyyy). b. Of the years listed above, the paycheck of the average worker was highest in c. Of the years listed above, the purchasing power of the average worker was highest in
Transcribed Image Text:The table below lists hypothetical CPI and wage values for the United States from different decades. a. Complete the table by computing the real income for each year shown in the table. Instructions: Round your answers to 2 decimal places. Nominal and Real Income Average Nominal Wage (dollars) Year CPI Average Real Wage (dollars) 1967 $7,077 33.4 1977 13,579 60.6 1987 26,055 113.6 1997 37,177 160.5 2007 49,698 207.3 2013 52,322 233 Instructions: Enter the year using all four numbers (yyyy). b. Of the years listed above, the paycheck of the average worker was highest in c. Of the years listed above, the purchasing power of the average worker was highest in
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Introduction

Consumer price index (CPI) is the measurement change in average price of the consumer basket of goods and services. 

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