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If a person's nominal income increases by 5% while the price level increases by 7%, then that person's real income a.increases by 3%. b.increases by
If a person's nominal income increases by 5% while the price level increases by 7%, then that person's real income
a.increases by 3%.
b.increases by 5%.
c.decreases by 7%.
d.decreases by 2%.
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