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Explain what happens to your real income (your purchasing power) in each of the following

Explain what happens to your real income (your purchasing power) in each of the following situations: (a) your nominal income increases by 5% and the rate of infl ation is 8%, (b) your nominal income falls by 10%, and the rate of infl ation is 3%, and (c) your nominal income increases by 7% and the rate of infl ation is 7%.

Nov 27 2019 View more View Less

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