Suppose your nominal income this year is 5 percent higher than last year. If the inflation rate for the period was 3 percent, then your real income was:

Compare and contrast the classical and Keynesian schools of thought for the following economic issues. (a) The flexibility of wages and prices. (b) The importance of macroeconomic policies

What will be an ideal response?

Consumer surplus is the difference between the minimum amount a person would be willing to pay for a good and the amount the person actually paid

Indicate whether the statement is true or false