Nominal income refers to the physical amounts of goods and services that can be purchased with a given dollar amount of income.

Name: Nominal income refers to the physical amounts of goods and services that can be purchased with a given dollar amount of income.
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Nominal income refers to the amount of money income received in a given time period, measured in current dollars, not adjusted for inflation, and does not directly relate to the physical amounts of goods and services that can be purchased.

Nominal Income Refers to the Physical Amounts of Goods and Services