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Author Question: Your grandfather tells you that he earned 7,000/year in his first job in 1961. You earn 35,000/year ... (Read 72 times)

Metfan725

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Your grandfather tells you that he earned 7,000/year in his first job in 1961. You earn 35,000/year in your first job in 2016. You know that average prices have risen steadily since 1961. You earn
 
  A) less than 5 times as much as your grandfather in terms of nominal income.
  B) 5 times as much as your grandfather in terms of real income.
  C) less than 5 times as much as your grandfather in terms of real income.
  D) more than 5 times as much as your grandfather in terms of real income.

Question 2

Refer to Figure 24-2. Ceteris paribus, an increase in the expected price of an important natural resource would be represented by a movement from
 
  A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.



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janeli1

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Answer to Question 1

C

Answer to Question 2

B




Metfan725

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Reply 2 on: Jun 29, 2018
Wow, this really help


adammoses97

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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