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Year Consumer Price Index Nominal Income 2012 260 $60,000 2013 320 $62,000 Assume the information in the preceding table represents Clancy's income for 2012 and

Year Consumer Price Index Nominal Income 2012 260 $60,000 2013 320 $62,000 Assume the information in the preceding table represents Clancy's income for 2012 and 2013. Use this information to answer the questions that follow. Clancy's real income in 2012 is $ declined Clancy's real income in 2013 is $ increased The purchasing power of Clancy's income between 2012 and 2013

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