Question
1. In 2005, US inflation was around 4 percent. If median family income increased by 3 percent in 2005 in nominal terms, what was the
1. In 2005, US inflation was around 4 percent. If median family income increased by 3 percent in 2005 in nominal terms, what was the real percent change in median family income?
2. Again, inflation in 2005 was around 4 percent. If nominal GDP increased by 5 percent in 2005, what was the percent change in real GDP?
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Exploring Economics
Authors: Robert L Sexton
5th Edition
978-1439040249, 1439040249
