Multiple Choice
Suppose that a person's nominal income rises from $10,000 to $12,000 and the consumer price index rises from 100 to 105.The person's real income will:
A) fall by about 20 percent.
B) fall by about 2 percent.
C) rise by about 25 percent.
D) rise by about 15 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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