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April 18, 2014

Homework Help: econ

Posted by Jen on Tuesday, May 29, 2007 at 3:21pm.

Frank's nominal income in 1998 is $45,000. Suppose the CPI in 1998 is 150. What is Frank's real income?
a. $51,750
b. $45,000
c. $38,250
d. $30,000

can you show me the calculations


real income in what year's dollars.
Real income in the base year of the cpi would be 45000/1.5=30000.
Real income in 1998 dollars is simply 45000.

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