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Suppose that your income during Year X was $50,000, and the CPI for Year X was 150 (base year = Z). Back in Year Z your income was $30,000. Has your real income increased or decreased from Z to year X? By how much?
A) Increased by $5,000.
B) Increased by $3,333.
C) Unchanged.
D) Decreased by $3,333.
E) Decreased by $5,000.
A) Increased by $5,000.
B) Increased by $3,333.
C) Unchanged.
D) Decreased by $3,333.
E) Decreased by $5,000.
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The real income for the year X is calcul...
Economics for Today 9th Edition by Irvin Tucker
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