Bud Wiser's Nominal Income Was $10,000 in 2007 and $11,000

question 9

True/False

Bud Wiser's nominal income was $10,000 in 2007 and $11,000 in 2008.If the inflation rate in 2008 was 8%,Bud's real income fell in 2008.

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Definitions:

Apparent Authority

The ability of an agent to bind a principal where the principal has not notified third parties of the restricted or terminated authority of the agent.

Principal

A person on whose behalf an agent acts.

Terminated

The end of an employee's employment due to dismissal or discharge by the employer, often for cause or due to organizational changes.

Apparent Authority

The appearance or assumption of authority based on the actions or statements of the principal, leading third parties to believe that a representative has authority to act.