Your grandfather tells you that he earned 7,000/year in his first ...

[Metfan725]

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.

[janeli1]

Answer to Question 1

C

Answer to Question 2

B

[Metfan725]

YES! Correct, THANKS for helping me on my review

[nathang24]

Thanks for the timely response, appreciate it