Answered: income can be determined by: dividing…

income can be determined by: dividing the annual rate of inflation into the number "70." dividing the nominal income by the price index. dividing the price level by nominal income.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter7: Unemployment And Inflation

Section: Chapter Questions

Problem 7E

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Question

Real income can be determined by:

dividing the annual rate of inflation into the number "70."
dividing the nominal income by the price index.
dividing the price level by nominal income.
inflating nominal income for inflation

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