The table below lists hypothetical CPI and wage values for the United States from different decades. a. Complete the table by computing the real income for each year shown in the table. Instructions: Round your answers to two decimal places. Nominal and Real Income Average Real Wage (dollars) Average Nominal Wage (dollars) $7,329 14,131 27,249 38,882 51,462 54,449 Year CPI 1967 34.9 1977 62.6 1987 118.1 1997 167.5 2007 215.3 2013 242.5 Instructions: Enter the year using all four numbers (yyyy). b. Of the years listed above, the paycheck of the average worker was highest in c. Of the years listed above, the purchasing power of the average worker was highest in

The table below lists hypothetical CPI and wage values for the United States from different decades. a. Complete the table by computing the real income for each year shown in the table. Instructions: Round your answers to two decimal places. Nominal and Real Income Average Real Wage (dollars) Average Nominal Wage (dollars) $7,329 14,131 27,249 38,882 51,462 54,449 Year CPI 1967 34.9 1977 62.6 1987 118.1 1997 167.5 2007 215.3 2013 242.5 Instructions: Enter the year using all four numbers (yyyy). b. Of the years listed above, the paycheck of the average worker was highest in c. Of the years listed above, the purchasing power of the average worker was highest in

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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