In 1970,the typical U.S.household earned about $8,700.In 2010,the typical U.S.household earned about $49,445.If adjusted for inflation,the gross income of the typical U.S.household in 2010 relative to 1970 has __________.

Question

Quizplus · Accepted Answer

When adjusted for inflation, the increase in nominal income from $8,700 in 1970 to $49,445 in 2010 is not as dramatic as it appears. Inflation over this period means that the purchasing power of the income has remained relatively stable.

In 1970,the Typical U