Use the following to answer questions .
Exhibit: Nominal and Real Income
-(Exhibit: Nominal and Real Income) What has happened to an assistant professor's salary between 1967 and 1997?
A) Although the nominal salary increased 4-fold in the 30-year period, real salary increased by only 3.2 times.
B) The purchasing power of an assistant professor's salary has fallen by about 4.76%.
C) The purchasing power of an assistant professor's salary has increased by about 5.24%.
D) The real salary in 1997 is slightly higher than that in 1967.
Correct Answer:
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Exhibit:
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Exhibit: Price
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Exhibit:
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Exhibit:
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Exhibit: Consumer
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Exhibit:
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