Your grandfather tells you that he earned $7,000/year in his first job in 1961. You earn $35,000/year in your first job in 2018. You know that average prices have risen steadily since 1961. You earnA) 5 times as much as your grandfather in terms of real income. B) more than 5 times as much as your grandfather in terms of real income. C) less than 5 times as much as your grandfather in terms of real income. D) less than 5 times as much as your grandfather in terms of nominal income.