If the Price Level Increases by 15 Percent While Nominal

question 98

Multiple Choice

If the price level increases by 15 percent while nominal income increases by 8 percent, then in percentage terms real income would:

• A)rise by about 8 percent.
• B)fall by about 8 percent.
• C)fall by about 7 percent.
• D)fall by about 15 percent.

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