Suppose Jack's Salary Increased from $100,000 to $200,000 Per Year

Multiple Choice

Suppose Jack's salary increased from $100,000 to $200,000 per year between 2004 and 2014 and the price index increased from 100 to 300 during the same period.Which of the following statements best describes Jack's situation?

A) His real income and money income have both increased.
B) His real income has increased and money income has decreased.
C) His real income and money income have both decreased.
D) His real income has decreased and money income has increased.
E) His real income has remained unchanged.