Question
This year Anjun's monthly pay rose from $1000 (last year's rate) to $1100 (this year's rate).During the year the inflation rate for consumer products was
This year Anjun's monthly pay rose from $1000 (last year's rate) to $1100 (this year's rate).During the year the inflation rate for consumer products was 12%.
A.What happened to Anjun's nominal income?(up or down, and by what percent?)
B.What happened to Anjun's real income?(up or down and by what percent?)
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Microeconomics
Authors: Michael Parkin
11th edition
133019942, 978-0133020250, 133020258, 978-0133019940
