If your nominal income rose by 5.3 percent and the price level rose by 4.8 percent in some year, by what percentage would your real income (approximately) increase? Instruction: Round your answer to one decimal place. % If your nominal income rose by 2.8 percent and your real income rose by .9 percent in some year, what must have been the (approximate) rate of inflation?

If your nominal income rose by 5.3 percent and the price level rose by 4.8 percent in some year, by what percentage would your real income (approximately) increase? Instruction: Round your answer to one decimal place. % If your nominal income rose by 2.8 percent and your real income rose by .9 percent in some year, what must have been the (approximate) rate of inflation?

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter13: Inflation

Section: Chapter Questions

Problem 2SQP

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Question

If your nominal income rose by 5.3 percent and the price level rose by 4.8 percent in some year, by what percentage would your real income (approximately) increase?

Instruction: Round your answer to one decimal place.

%

If your nominal income rose by 2.8 percent and your real income rose by .9 percent in some year, what must have been the (approximate) rate of inflation?

Instruction: Round your answers to one decimal place.

%

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