If real income increases while nominal income remains the same, it can be inferred that

Assessment: JAMB UTME - Economics - 2011 Subject: Economics

Question 1 Report

If real income increases while nominal income remains the same, it can be inferred that
Answer Details
If real income increases while nominal income remains the same, it means that the purchasing power of people's money has increased. This can only happen if the general prices of goods and services have fallen, meaning that the same amount of money can now buy more items than before. Therefore, - General prices have fallen - is the answer.
Read lesson note on Banking (JAMB)
Read lesson note on Economics As A Science (JAMB)
Read lesson note on Money And Inflation (JAMB)
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