Last year the Olsen family earned $70,000. This year their income is $77,000. In an economy with
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Last year the Olsen family earned $70,000. This year their income is $77,000. In an economy with an inflation rate of 8 percent, we can conclude that the Olsen’s nominal income:
a. And real income both increased.
b. And real income both decreased.
c. Increased, but their real income decreased.
d. Decreased, but their real income increased.
e. None of the above.
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