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If inflation was 10% in a particular year and you received a 20% increase in income during the same year, then over the year your:
If inflation was 10% in a particular year and you received a 20% increase in income during the same year, then over the year your:
- real and nominal income both fell.
- real and nominal income both rose.
- real income fell, but nominal income rose.
- real income rose, but nominal income fell.
- nominal income rose, but real income was unchanged.
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