Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN: 9781337670647
Author: Arnold
Publisher: Cengage
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Chapter 6, Problem 2QP
To determine

The change in real income and nominal income.

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Suppose you compare your income this year and last year and you fond that your nominal income fell but your real income rose. How could this have happened?
Answer this question If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase?
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