Given the Following Figures, by Approximately What Percentage Did Aiden's

question 220

Multiple Choice

Given the following figures, by approximately what percentage did Aiden's real income increase between 2004 and 2005? Aiden's 2004 money income = $50,000
Aiden's 2005 money income = $55,000
2004 CPI = 120.0
2005 CPI = 128.0

• A) zero
• B) 3.1 percent
• C) 6.7 percent
• D) 10 percent

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Definitions:

Foreign Wages

This refers to the rates of pay for workers in countries other than the home country, significant in discussions of outsourcing, labor markets, and international competitiveness.

U.S. Workers

Individuals working in the United States, encompassing all sectors and types of employment.

Tariff Revenues

The income generated by a government through the imposition of tariffs, which are taxes on imported goods.

Oil Imports

The purchase of crude oil or petroleum products from foreign countries, which is a significant factor for economies dependent on outside sources for their energy needs.