Mary graduated from college and found a job making an annual salary of $34,400. When Mary...
Mary graduated from college and found a job making an annual salary of $34,400. When Mary retired from her job forty years later she was earning an annual salary of $75,680. During her forty-year career, the consumer price index increased from 122.5 to 220.5. Across the forty-year period, Mary’s nominal salary ______ and Mary’s real salary ______
increased : increased (this is the correct answer.. I just need to know how to solve the problem)
increased : decreased
decreased : increased
decreased : decreased
Homework Answers
Nominal income has increased from $34,400 to $75,680
Real income = Nominal income / Price index
Real income has shown a change from $34,400/122.50 (which is 28,081.63) to $75,680/220.50 ($34,322)
Hence real income has also increased.
Therefore nominal income as well as real income both are increased.
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