The table below lists the 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 Year Average Nominal Wage (dollars) CPI Average Real Wage (dollars) 1967 $7,077 33.4 $ 1977 13,579 60.6 1987 26,055 113.6 1997 37,177 160.5 2007 49,6 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 the 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 Year Average Nominal Wage (dollars) CPI Average Real Wage (dollars) 1967 $7,077 33.4 $ 1977 13,579 60.6 1987 26,055 113.6 1997 37,177 160.5 2007 49,6 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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