Your Grandfather Tells You That He Earned $7,000/year in His

question 62

Multiple Choice

Your grandfather tells you that he earned $7,000/year in his first job in 1961.You earn $35,000/year in your first job in 2013.You know that average prices have risen steadily since 1961.You earn

• A)5 times as much as your grandfather in terms of real income.
• B)more than 5 times as much as your grandfather in terms of real income.
• C)less than 5 times as much as your grandfather in terms of real income.
• D)less than 5 times as much as your grandfather in terms of nominal income.

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Definitions:

Fraternal Twins

Siblings born at the same time who are genetically as similar as regular siblings because they are the result of two separate eggs fertilized by two different sperm.

Spoiled Brat

A derogatory term to describe a child who is overindulged by their parents or guardians and exhibits poor behavior or lack of discipline as a result.

Narcissism

A personality trait characterized by an inflated sense of self-importance, deep need for excessive attention and admiration, troubled relationships, and a lack of empathy for others.

Self-centred

A personality trait that involves prioritizing one's own needs and interests over those of others.