Suppose Jack's salary increased from 100,000 to 200,000 per year between 2004 and 2014 and the price index increased from 100 to 300 during the same period. Which of the following statements best describes Jack's situation?
a. His real income and money income have both increased.
b. His real income has increased and money income has decreased.
c. His real income and money income have both decreased.
d. His real income has decreased and money income has increased.
e. His real income has remained unchanged.
Question 2
Which of these is an advantage of money as a store of value?
a. It can generate high interest income.
b. It can facilitate hassle-free international exchange.
c. It can be easily liquidated.
d. It can signal a nation's economic health.
e. It can increase potential output.
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