27 Oct 2021
Problem 22
Page 468
Section: CRITICAL THINKING QUESTIONS
Chapter 19: The Macroeconomic Perspective
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27 Oct 2021
Introduction
Nominal income is income that has not been adjusted for inflationary changes in buying power, or even the quantity of goods or services that may be purchased well with income.
Individual or national income that has been adjusted for inflation is referred to as real income. It's computed by multiplying the nominal income by the inflation rate.
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