a) nominal income declined by more than personal income.
b) real wages declined by more than real GDP
c). the price level rose by more than nominal GDP.
d) the price level fell by more than real GDP.
b) real wages declined by more than real GDP
c). the price level rose by more than nominal GDP.
d) the price level fell by more than real GDP.
ANSWER:
c). the price level rose by more than nominal GDP.