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:

Stepped Pyramid

A pyramid structure characterized by its rectangular base and sides that rise in stepped levels, often associated with ancient Mesopotamian, Mesoamerican, and Egyptian architectures.

Complex

Consisting of many different and connected parts, often referring to a group of buildings or facilities located close to each other.

Gizeh

An alternate spelling for Giza, a city in Egypt that is part of the Greater Cairo metropolis, known for the Giza Plateau, site of the iconic Pyramids and the Sphinx.

Portrait

An artistic representation of a person, in which the face and its expression are predominant, intended to display the likeness, personality, and even the mood of the subject.