Jeremiah and Sara's family income increased from $60,000 to $63,000 in the past year.Inflation was 2 percent over the same time period.Which of the following is true regarding Jeremiah and Sara's income?
A) Their nominal income increased 4.8 percent.
B) Their nominal income increased 5 percent.
C) Their real income decreased 2 percent.
D) Their real income decreased 5 percent.
Correct Answer:
Verified
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