This topic contains a solution. Click here to go to the answer

Author Question: Your grandfather tells you that he earned 7,000/year in his first job in 1961. You earn 35,000/year ... (Read 77 times)

Metfan725

  • Hero Member
  • *****
  • Posts: 552
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

janeli1

  • Sr. Member
  • ****
  • Posts: 330
Answer to Question 1

C

Answer to Question 2

B




Metfan725

  • Member
  • Posts: 552
Reply 2 on: Jun 29, 2018
Wow, this really help


rachel

  • Member
  • Posts: 323
Reply 3 on: Yesterday
Great answer, keep it coming :)

 

Did you know?

As of mid-2016, 18.2 million people were receiving advanced retroviral therapy (ART) worldwide. This represents between 43–50% of the 34–39.8 million people living with HIV.

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

For a complete list of videos, visit our video library