Question

In 2002 Ortega's nominal income rose by 4.6 percent and the price level rose by 1.6 percent. We can conclude that Ortega's real income: a may have either increased or decreased. b rose by 6.2 percent. c rose by 3 percent. d fell by 13 percent.

Answer 1

Answer:

c rose by 3 percent.

Explanation:

Real income is nominal income less price level changes.

Real income = nominal income - changes in price level

4.6 % - 1.6% = 3%

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