1 SECTION A: READ THE PASSAGE AND ANSWER QUESTIONS 1-3 Emma, a monthly salaried worker received 1,300 cedis as her net salary, she heard that this year's inflation is at 18%. This situation caused prices to soar so high that she complained about everything she buys. In the previous year she was able to buy herself, dresses, a basket of foodstuffs, a small bag of oranges, a dozen of drinks and her transportation. However, this year, she couldn't afford the full bag of oranges but half, and only 6 drinks after the other expenses. 1. From above, what is Emma's nominal income? 2. What is her real income? 3. What is the difference between her real incomes for this year and last year? 4. How much does Eyram need now to be able to have all the things she used to have previously? Justice Owusu-Bempah lofs 3. Eyram's salary had increased by 200 cedis this year, with the inflation remaining same, would she still be able to purchase all the things she used to buy in the previous year? Briefly explain your answer 6. Suggest three financial strategies that you believe if Emma could adopt can help her Minimize the effect of the inflation on her living