Last year the Jones family earned $40,000 . This year their income is $42,000 . In an economy with an inflation rate of 10 percent, which of the following is correct?
a. The Jones' nominal income and real income have both fallen.
b. The Jones' nominal income and real income have both risen.
c. The Jones' nominal income has increased and their real income has fallen.
d. The Jones' nominal income has decreased and their real income has risen.
C
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Answer the following statement true (T) or false (F)
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A) 2. B) 1. C) 0.5. D) 1.5.
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A) the elderly. B) immigrants. C) obstetrical care. D) the wealthy.
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