Suppose the median household earned $9,096 in 1976 and $52,382 in 2016. During that time, also suppose the CPI rose from 53.6 to 217.11. Instructions: Round your answers to one decimal place. a. The total growth rate in nominal median household income from 1976 to 2016 was: b. The total growth rate in real median household income from 1976 to 2016 was: %. %.
Suppose the median household earned $9,096 in 1976 and $52,382 in 2016. During that time, also suppose the CPI rose from 53.6 to 217.11. Instructions: Round your answers to one decimal place. a. The total growth rate in nominal median household income from 1976 to 2016 was: b. The total growth rate in real median household income from 1976 to 2016 was: %. %.
Chapter5: National Income Accounting
Section: Chapter Questions
Problem 6E
Related questions
Question

Transcribed Image Text:Suppose the median household earned $9,096 in 1976 and $52,382 in 2016. During that time, also suppose the CPI rose from 53.6 to
217.11.
Instructions: Round your answers to one decimal place.
a. The total growth rate in nominal median household income from 1976 to 2016 was:
b. The total growth rate in real median household income from 1976 to 2016 was:
%.
%.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps

Recommended textbooks for you







Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning


Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc