To approximate the percentage change in real income over any period of time,
a. we need to subtract the percentage change in nominal income from the inflation rate
b. we need to subtract the rate of inflation from the percentage change in nominal income
c. we need to divide the percentage change in nominal income by the inflation rate
d. we need to multiply the change in income by the inflation rate
e. we need to multiply the nominal percentage change in income by the percentage change in inflation rate
B
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Economists study how people make decisions
a. True b. False Indicate whether the statement is true or false
Answer the following questions true (T) or false (F)
1. Quantity supplied refers to the amount of a good or service that a firm is willing and able to supply at a given price. 2. A positive technological change will cause the supply of a good to increase. 3. An decrease in quantity supplied is represented by a leftward shift of the supply curve.