If Your Nominal Income in 2014 Is $50,000,and Prices Increase

question 72

Multiple Choice

If your nominal income in 2014 is $50,000,and prices increase by 50% between 2014 and 2017,then to have the same real income,your nominal income in 2017 must be

• A)$50,000.
• B)$75,000.
• C)$100,000.
• D)$150,000.

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Definitions:

Socioeconomic Status

A measure of an individual's or family's economic and social position in relation to others, based on income, education, and occupation.

Educational Attainment

Is the number of years of schooling successfully completed or, for higher learning, the degrees or certificates earned.

Marx

Karl Marx, a 19th-century philosopher, economist, and revolutionary, known for his theories about capitalism and communism.

Weber

Refers to Max Weber, a German sociologist, economist, and political scientist known for his theory on the process of rationalization and his analysis of bureaucracy and social stratification.