3 Inflation

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School

Georgia State University *

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Course

2105

Subject

Economics

Date

Apr 3, 2024

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pdf

Pages

2

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ECON in Our World Course: ECON 2105 Topic Module 3. Inflation Individual or Group Activity: Individual Assignment Submission Notes: Each student should submit one copy. Assignment Type: Open ended with short answer Directions Data: The below data shows Median Household Income of the United State of America. Figure 1 : Nominal and Real Median Household Income in the United States https://fred.stlouisfed.org/graph/?g=BTgP a. What is the overall growth trend in nominal median household income in the United States between 1984 and 2019? What does that mean in economic terms? The nominal income has an increasing growth trend by the tens of thousands between 1984 and 2019. In economic terms this means that outside of recessions and depressions, there has been massive economic expansion.
b. What is the overall growth trend in real median household income in the United States between 1984 and 2019? What does that mean in economic terms? The overall growth trend is somewhat stable, fluctuating between 21k to 24k all the way up until 2017, where it reaches 25k and almost 27k in 2018. Economically, this means households are now experiencing higher income levels. c. Generally speaking, in which direction does the real median household income in the United States move during an economic recession (signified by the grey areas in the graph)? And since the 2007-2009 recession? Real median household income trends down in the U.S during economic recessions. Since the 07-09 recession the real median household income stooped lower than it has in almost 20 years but it has also gone higher than it's ever been, in recent years.
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