The Consumer price index was 29.9 in 1961 and 240.0 in 2016. The salary paid to...
The Consumer price index was 29.9 in 1961 and 240.0 in 2016. The salary paid to John F. Kennedy in 1961 was $100,000, and the salary paid to Barack H. Obama in 2016 was $400,000. Compared to the presidential salary paid to John F. Kennedy in 1961, Barack H. Obama’s salary in 2016 was:
Which is the correct answer?
Question 4 options:
|
higher in real income, but lower in nominal income. |
|
|
the same for both real and nominal income. |
|
|
higher in nominal income, but lower in real income. |
|
|
higher in both real and nominal income |
Homework Answers
Note that obama is earning 400000 dollars in 2016 as compared to 100000 earned by kennedy in 1961. So, obama's salary is higher in nominal terms (without taking cpi into account)
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