Answer the Next Four Questions Based on the Following Data

question 40

Essay

Answer the next four questions based on the following data using year 1 as the base year.All dollars are in billions. (a) Find real income in year 4.(b) What was the percentage rise in prices between years 1 and 3?
(c) What was the percentage rise in prices between years 2 and 4?
(d) What was the increase in real income from year 3 to year 4 in %?

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Definitions:

Advertising Media

Platforms or channels used to promote products or services to consumers and businesses, including television, radio, the internet, and print media.

Habits

Habits are regular practices or routines that are performed automatically, often without conscious thought.

Trade Credit

A type of credit extended by a seller to a buyer allowing the buyer to purchase goods or services and pay for them at a later date.

Seasonal Dating

An arrangement that allows buyers to make payments at a later date, often used to accommodate seasonal fluctuations in sales or production.