Essay
Answer the next four questions based on the following data using year 1 as the base year.All dollars are in billions. 
(a) Find real income in year 4.(b) What was the percentage rise in prices between years 1 and 3?
(c) What was the percentage rise in prices between years 2 and 4?
(d) What was the increase in real income from year 3 to year 4 in %?
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(a) Real income in year 4 is $3,562 ($3,...View Answer
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