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President Obama earns about $400,000. What will be the change in the purchasing power of the President's salary, compared to President Clinton's salary in 1993 of $200,000. The CPI (price level) in 2013 is 225 and index in 1993 was 170. Which President has the higher NOMINAL Income? Which President has the higher Real Income? Is the U.S. President's (any of the Presidents) Salary too High or Low and how would to determine the answer to that problem?

Microeconomics, Economics

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