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

question 123

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 2011.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:

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A service field that provides expert advice and solutions in information technology to businesses and individuals.

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A measure of the dispersion or spread of a set of data points, reflecting how much the data points differ from the mean.

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A statistical experiment that fits the binomial distribution; characterized by having a fixed number of trials, distinct outcomes (success or failure), independence, and constant probability of success.

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A measure of the dispersion or spread of a set of values, indicating how much they differ from the average of the set.