<span>Gross income is:
~ All income in the form of money, property, and services that
is not exempt from tax.
~ Gross receipts from rental property (taxes, repairs, etc., are not
deducted).
~ A partner's share of the gross, not a share of the net, partnership
income.
~ Unemployment compensation and certain scholarships and fellowships.
Tax exempt income, such as certain social security payments, is not
included in gross income. Type of Income Amount Gross Income
------------- ----- ------------
Wages $15000
Interest $3000
Tax-exempt interest $3,000
Dividends $2000
Unemployment compensation $4,000
thus Total $21000</span>
Answer:
If there is a decrease in supply of goods and services while demand remains the same, prices tend to rise to a higher equilibrium price and a lower quantity of goods and services. ... However, when demand increases and supply remains the same, the higher demand leads to a higher equilibrium price and vice versa.
Explanation:
The nominal value takes into account the number that is actually announced at a time, while the <u>real value </u>refers to the statistic after it has been adjusted for inflation.
<h3>What do you mean by real value in economics?</h3>
A real value of an item, additionally referred to as its relative price, is its nominal price adjusted for inflation and measures that price in phrases of every other item.
Real values are extra vital than nominal values for monetary measures, along with the gross domestic product (GDP) and private incomes.
Thus, <u>Real value </u>refers to the statistic after it has been adjusted for inflation.
Learn more about Real Value in economics here:
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