Question: The table below shows the annual change in the average nominal wage and inflation rate since 2008. a. Compute the percentage change in real income

The table below shows the annual change in the average nominal wage and inflation rate since 2008. a. Compute the percentage change in real income for each year shown in the table. Instructions: In part a, round your answers to two decimal places. In parts b and c, enter your answers as a whole number. If entering a negative number, include a minus sign. Percentage Changes in Nominal Income and Prices Annual Annual Inflation Nominal Wage Rate Growth Annual Real Wage Year (percent) (percent) Growth (percent 2008 3 . 848 0. 338 2009 0.36 - 1. 20 2010 1.64 - 0. 74 2011 3. 16 1. 37 2012 2. 07 2. 68 2013 1. 46 2.23 b. Of the years listed above, the paycheck of the average worker declined in of the six years. c. Of the years listed above, the purchasing power of the average worker declined in of the six years. d. The average real income of households can increasev (Click to select) only if the nominal wage also increases whether the nominal wage increases or decreases only if the inflation rate is small only if the inflation rate is negative
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