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In a Given Year,a Country's Nominal Income Rose by 8

Question 1

Multiple Choice

In a given year,a country's nominal income rose by 8 percent and its price level rose by 5 percent.We can conclude that the country's real income:

A) may have either increased or decreased
B) rose by 13 percent
C) rose by 3 percent
D) fell by 13 percent
E) fell by 3 percent

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