For a person to keep his real income steady at a certain level from one year to the next, his nominal income must
A. stay the same as the price index rises.
B. rise as fast as the price index.
C. rise if the price index falls.
D. fall if the price index rises.
Answer: B
Economics
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a. too low, and an excess supply will result. b. too low, and a shortage will result. c. too high, and an excess supply will result. d. too high, and a shortage will result. e. below the market equilibrium price.
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A) Food products B) Experience C) Inspection D) Credence
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