Table of contents
- 1. Introduction to Macroeconomics(0)
- 2. Introductory Economic Models(0)
- 3. Supply and Demand(0)
- Introduction to Supply and Demand(0)
- The Basics of Demand(0)
- Individual Demand and Market Demand(0)
- Shifting Demand(0)
- The Basics of Supply(0)
- Individual Supply and Market Supply(0)
- Shifting Supply(0)
- Overview of Supply and Demand Shifts(0)
- Supply and Demand Together: Equilibrium, Shortage, and Surplus(0)
- Supply and Demand Together: One-sided Shifts(0)
- Supply and Demand Together: Both Shift(0)
- Supply and Demand: Quantitative Analysis(0)
- 4. Elasticity(0)
- Percentage Change and Price Elasticity of Demand(0)
- Elasticity and the Midpoint Method(0)
- Price Elasticity of Demand on a Graph(0)
- Determinants of Price Elasticity of Demand(0)
- Total Revenue Test(0)
- Total Revenue Along a Linear Demand Curve(0)
- Income Elasticity of Demand(0)
- Cross-Price Elasticity of Demand(0)
- Price Elasticity of Supply(0)
- Price Elasticity of Supply on a Graph(0)
- Elasticity Summary(0)
- 5. Consumer and Producer Surplus; Price Ceilings and Price Floors(0)
- WIllingness to Pay and Consumer Surplus(0)
- Willingness to Sell and Producer Surplus(0)
- Economic Surplus and Efficiency(0)
- Quantitative Analysis of Consumer and Producer Surplus at Equilibrium(0)
- Price Ceilings, Price Floors, and Black Markets(0)
- Quantitative Analysis of Price Ceilings and Floors: Finding Points(0)
- Quantitative Analysis of Price Ceilings and Floors: Finding Areas(0)
- 6. Introduction to Taxes(0)
- 7. Externalities(0)
- 8. The Types of Goods(0)
- 9. International Trade(0)
- 10. Measuring National Output and Income (0)
- 11. Unemployment and Inflation(0)
- Labor Force and Unemployment(0)
- Types of Unemployment(0)
- Unemployment: Minimum Wage Laws and Efficiency Wages(0)
- Inflation and Consumer Price Index (CPI)(0)
- Using CPI to Adjust for Inflation(0)
- Problems with the Consumer Price Index (CPI)(0)
- Nominal Income and Real Income(0)
- Nominal Interest, Real Interest, and the Fisher Equation(0)
- Who is Affected by Inflation?(0)
- Demand-Pull and Cost-Push Inflation(0)
- Costs of Inflation: Shoe-leather Costs and Menu Costs(0)
- 12. Productivity and Economic Growth(0)
- 13. The Financial System(0)
- 14. Income and Consumption(0)
- 15. Deriving the Aggregate Expenditures Model(0)
- 16. Aggregate Demand and Aggregate Supply Analysis(0)
- Aggregate Demand(0)
- Deriving Aggregate Demand from the Aggregate Expenditure Model(0)
- Shifting Aggregate Demand(0)
- Long Run Aggregate Supply(0)
- Short Run Aggregate Supply(0)
- Shifting Short Run Aggregate Supply(0)
- AD-AS Model: Equilibrium in the Short Run and Long Run(0)
- AD-AS Model: Shifts in Aggregate Demand(0)
- 17. The Monetary System(0)
- The Functions of Money; The Kinds of Money(0)
- Defining the Money Supply: M1 and M2(0)
- Required Reserves and the Deposit Multiplier(0)
- Introduction to the Federal Reserve(0)
- The Federal Reserve and the Money Supply(0)
- History of the US Banking System(0)
- The Financial Crisis of 2007-2009 (The Great Recession)(0)
- 18. Monetary Policy(0)
- 19. Fiscal Policy(0)
- 20. Tradeoffs Between Inflation and Unemployment(0)
- 21. Open-Economy Macroeconomics(0)
- Balance of Payments: Introduction(0)
- Balance of Payments: Current Account(0)
- Balance of Payments: Financial Account and Capital Account(0)
- Net Exports Equal Net Foreign Investment(0)
- Balance of Trade; Trade Deficit and Trade Surplus(0)
- Exchange Rates: Introduction(0)
- Exchange Rates: Nominal and Real(0)
- Exchange Rates: Equilibrium(0)
- Exchange Rates: Shifts in Supply and Demand(0)
- Exchange Rates and Net Exports(0)
- Exchange Rates: Purchasing Power Parity(0)
- The Gold Standard(0)
- The Bretton Woods System(0)
- 22. Macroeconomic Schools of Thought(0)
- 23. Dynamic AD/AS Model(0)
11. Unemployment and Inflation
Nominal Income and Real Income
11. Unemployment and Inflation
Nominal Income and Real Income: Videos & Practice Problems
7 of 0
Problem 7Multiple Choice
In 2020, a person earned \$60,000 with a CPI of 1.20. In 2023, they earned \$70,000 with a CPI of 1.40. In which year did they have more purchasing power?
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