If a college professor's income has increased by 3 percent at the same time that prices have risen by 5 percent, the professor's real income has a. decreased by 2 percent. b. increased by 2 percent. c. increased by 7 percent. d. decreased by 7 percent. not changed. e.
If a college professor's income has increased by 3 percent at the same time that prices have risen by 5 percent, the professor's real income has a. decreased by 2 percent. b. increased by 2 percent. c. increased by 7 percent. d. decreased by 7 percent. not changed. e.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter17: Production And Growth
Section: Chapter Questions
Problem 5CQQ
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![10. If a college professor's income has increased by 3 percent at the same time that prices have
risen by 5 percent, the professor's real income has
a. decreased by 2 percent.
b. increased by 2 percent.
c. increased by 7 percent.
d. decreased by 7 percent.
not changed.
e.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F136ea036-9431-4284-9751-444dc71056d0%2F298c6765-cbfb-4de9-8250-be5cb260d7cf%2F7rj3kip_processed.jpeg&w=3840&q=75)
Transcribed Image Text:10. If a college professor's income has increased by 3 percent at the same time that prices have
risen by 5 percent, the professor's real income has
a. decreased by 2 percent.
b. increased by 2 percent.
c. increased by 7 percent.
d. decreased by 7 percent.
not changed.
e.
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