Nominal income per person in the united states in 1960 was about $2,800 per year, while in 1990 nominal income per person was about $21,000. this indicates that
a. people enjoyed a standard of living about 7.5 times higher in 1990 than in 1960.
b. nominal income was about 7.5 times greater in 1990, but we can't tell if this increase is due to inflation, economic growth, or a combination of the two.
c. the average person would consider him/herself about 7.5 times happier in 1990 than in 1960.
d. a dollar in 1960 was worth less than a dollar in 1990.
answer by yourhope:
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question: explain if there is excess supply or demand of goods at the equilibrium price and why?
answer: equilibrium is at the point where supply and demand meet and the prices are set. since the price is set as a equilibrium, there won't be an excess to either, but if you set the price above equilibrium, you move away from equilibrium and have disequilibrium create excess supply or excess demand!
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