In 1960, the average household income was $5,600. Was this high or low compared to the 2010
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In 1960, the average household income was $5,600. Was this high or low compared to the 2010 average household income of $49,500?
1.It depends. We need to adjust the 1960 income using real GDP.
2.Low because $5,600 is less than $49,500.
3.It depends. We need to adjust the 1960 income using a price index.
4.High because $49,500 is higher than $5,600.
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