In 2015, the consumer price index (CPI) was 238,000 whereas it was about 100 in 1982. Suppose that one of your parents had a job that paid $28,000 in 1982 and a job that paid $60,000 annually in 2015. Relative to 1982, we could say that your parent's nominal income (increased, decreased or stayed the same) in 2015 and that your parents real income (increased, decreased or stayed the same).

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In 1982 Nominal income was 28000 now in 2015 is 60000 So we can ... View the full answer