1. In 2005, US inflation was around 4 percent. If median family income increased by 3 percent...
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1. In 2005, US inflation was around 4 percent. If median family income increased by 3 percent in 2005 in nominal terms, what was the real percent change in median family income?
2. Again, inflation in 2005 was around 4 percent. If nominal GDP increased by 5 percent in 2005, what was the percent change in real GDP?
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