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In Year 1, the price level was 120 and the average nominal income was $30,000. In Year 2, the price level was 125 and the average nominal level of income was $32,000. What happened to real
Income from Year 1 to Year 2?
Long-lived Species
Organisms that have a lifespan significantly longer than most other species within their ecological niche or environment.
Economies
Systems of production, distribution, and consumption of goods and services within a certain geographical area or globally.
Societies
Groups of individuals involved in persistent social interaction, or a large social grouping sharing the same geographical or virtual territory, typically subject to the same political authority and dominant cultural expectations.
K-selected Species
Species characterized by long gestation periods, few offspring, and substantial parental care, typically adapting to stable environments where competition is high.
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