Smith's real income has not risen between years 1 and 5, although her nominal income and the price level have both risen. It follows that: O Smith's nominal income increased by the same percentage as the price level increased OSmith's nominal income increased by a greater percentage than the price level increased OSmith's nominal income decreased by a greater percentage than the price level decreased OSmith's nominal income increased by a smaller percentage than the price level increased None of the above

Smith's real income has not risen between years 1 and 5, although her nominal income and the price level have both risen. It follows that: O Smith's nominal income increased by the same percentage as the price level increased OSmith's nominal income increased by a greater percentage than the price level increased OSmith's nominal income decreased by a greater percentage than the price level decreased OSmith's nominal income increased by a smaller percentage than the price level increased None of the above

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations

Section: Chapter Questions

Problem 13P

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