If your nominal income rose by 5.3 percent and the price level rose by 4.8 percent in some year, by what percentage would your real income (approximately) increase?
Instruction: Round your answer to one decimal place.___________%
If your nominal income rose by 2.8 percent and your real income rose by .9 percent in some year, what must have been the (approximate) rate of inflation?
Instruction: Round your answers to one decimal place.__________%