The percentage of the population that lived in urban areas rose from approximately 5% in 1790 to 40% in 1860

Which of the following is incorrect?

A. The nominal interest rate is the rate of interest expressed in terms of current dollars. B. The real interest rate is the rate of interest expressed in terms of dollars of constant or inflation-adjusted value. C. The nominal interest rate is the real interest rate less the rate of inflation. D. During periods of inflation, the nominal interest rate will exceed the real interest rate.

Opportunity cost refers to whatever is given up to obtain some item.

Answer the following statement true (T) or false (F)