When comparing income in 1951 with income in 2001, which of the following must be factored in to ensure that the comparison is meaningful?

Question

Quizplus · Accepted Answer

Inflation must be factored in to ensure that the comparison is meaningful, as the value of currency changes over time due to fluctuations in the economy. Comparing income without adjusting for inflation would not provide an accurate picture of the true purchasing power of that income.

When Comparing Income in 1951 with Income in 2001, Which