Suppose the median household earned $9,199 in 1976 and $52,188 in 2016. During that time, also suppose the CPI rose from 54.7 to 210.09. Instructions: Enter your answer as a percentage rounded to one decimal place. a. The total growth rate in nominal median household income from 1976 to 2016 was b. The total growth rate in real median household income from 1976 to 2016 was
Suppose the median household earned $9,199 in 1976 and $52,188 in 2016. During that time, also suppose the CPI rose from 54.7 to 210.09. Instructions: Enter your answer as a percentage rounded to one decimal place. a. The total growth rate in nominal median household income from 1976 to 2016 was b. The total growth rate in real median household income from 1976 to 2016 was
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section6.1: Measuring The Price Level
Problem 3ST
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