If a college professor's income has increased by 3 percent at the same time that prices have risen by 5 percent, the professor's real income has a. decreased by 2 percent. b. increased by 2 percent. c. increased by 7 percent. d. decreased by 7 percent. not changed. e.

If a college professor's income has increased by 3 percent at the same time that prices have risen by 5 percent, the professor's real income has a. decreased by 2 percent. b. increased by 2 percent. c. increased by 7 percent. d. decreased by 7 percent. not changed. e.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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Question

10. If a college professor's income has increased by 3 percent at the same time that prices have
risen by 5 percent, the professor's real income has
a. decreased by 2 percent.
b. increased by 2 percent.
c. increased by 7 percent.
d. decreased by 7 percent.
not changed.
e.

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