Your Grandfather Tells You That He Earned $5,000/year in His

Multiple Choice

Your grandfather tells you that he earned $5,000/year in his first job in 1971.You earn $45,000/year in your first job in 2017.You know that average prices have risen steadily since 1961.You earn

A) 9 times as much as your grandfather in terms of real income.
B) more than 9 times as much as your grandfather in terms of real income.
C) less than 9 times as much as your grandfather in terms of real income.
D) less than 9 times as much as your grandfather in terms of nominal income.
E) more than 9 times as much as your grandfather in terms of nominal income.