Suppose you had a choice between living in the united states in 1900 with an income of $1,045,000 per year or in the united states in 2014 with an income of $48,000 per year. Assume the incomes for both years are measured in 2014 dollars.
1. In which year would you have the highest real income?
2. In which year would you have the better standard of living? 1900 or 2014