In 1975 tuition at Wattsomata University was $2,500 and the consumer price index was 80 . In 2011 tuition was $12,000 and the price index was 320 . Which of the following is correct?
a. Nominal and real tuition were both higher in 1975.
b. Nominal and real tuition were both higher in 2011.
c. Nominal tuition was higher in 1975, real tuition was higher in 2011.
d. Nominal tuition was higher in 2011, real tuition was higher in 1975.
b
Economics
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