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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?
Recency Effect
The psychological phenomenon where the most recently presented information or experiences are easier to remember than older information.
Perceptual Biases
Cognitive biases that result in distorted, illogical, or irrational perception and judgment.
Johari Window
A model used to understand and improve self-awareness, interpersonal relationships, and group dynamics through disclosure and feedback.
Diversity Awareness Programs
Initiatives designed to educate and inform people about the benefits of diversity and to foster an environment of inclusion and respect for differences.
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