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The table below lists hypothetical CPI and wage values for the United States from different decades.
a. Complete the table by computing the real income for each year shown in the table.
Instructions: Round your answers to two decimal places.
Nominal and Real Income
Year
Average Nominal Wage (dollars)
CPI
Average Real Wage (dollars)
1967
$7,127
33.7
$
1977
13,688
61
1987
26,289
114.5
1997
37,512
161.9
2007
50,046
208.9
2013
52,741
234.9
Instructions: Enter the year using all four numbers (yyyy).
b. Of the years listed above, the paycheck of the average worker was highest in.
c. Of the years listed above, the purchasing power of the average worker was highest in.
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