Multiple Choice
A decline in real income
A) can occur only if there is a decline in nominal income
B) can occur only if there is an increase in the price level
C) can occur only if there is either a decline in nominal income or an increase in the price level
D) cannot occur if there is either an increase in nominal wages or a decline in the price level
E) can occur only if there is a decline in the price level
Correct Answer:
Verified
Correct Answer:
Verified
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