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Posts: 162
2 months ago

Suppose your nominal income in 1990 was $24,000. Suppose too that the consumer price index for 2012 was 1.5, and the base year for this index was 1990. How much nominal income would you need in 2012 in order to match the spending power of your $24,000 in 1990?



• $16,000

• $24,000

• $36,000

• $48,000
Source  Download
Introduction to Agricultural Economics
Edition: 7th
Authors:
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Posts: 180
2 months ago
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$36,000
1
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wrote...
2 months ago
Thanks
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