In 1949, the US president was Harry S. Truman. President Truman earned a salary of $120,000 per year. Today, President Biden earns an annual salary of $400,000. The CPI in 1949 was 22.8, and the most recent CPI value is 275.3. With this information, please determine who is better off, President Biden earning a salary of $400,000 today or President Truman earning a salary of $100,000 in 1949. Provide a clear explanation for your answer. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I US Paragraph Open Sans,sa.. 10pt v EV E A & I X O G Q 5 BE 3 X2 X2 9 .IT The - + ABC V V ... P O WORDS POWERED BY TINY QUESTION 7 1 points Save Answer Macroeconomists study O a. regulations imposed on firms and unions. O b. economy-wide phenomena. O c. the decisions of individual households and firms. O d. the interaction between households and firms. QUESTION 8 16 points Save Answer Tropical Republic produces only bananas and coconuts. The base year is 2018, and the tables give the quantities produced and the prices. 2018 2019 Price (S/Unit). Quantity (# of Units) Price ($/Unit) Quantity (# of Units) Bananas 25 $3 25 Coconuts $3 40 $5 30 In each of the spaces provided, write in the following values, being sure to include the correct units, if appropriate, and rounding to two decimal places. = Nominal GDP in 2018 Nominal GDP in 2019 = Real GDP in 2018 = Real GDP in 2019 NOUAWN: = The GDP deflator in 2018 = The GDP deflator in 2019 = The growth rate of real GDP in 2019. = The inflation rate in year 2019, using the GDP deflator as the measure of the price level