Bud Wiser’s nominal income was $10,000 in 2007 and $11,000 in 2008. If
Bud Wiser’s nominal income was $10,000 in 2007 and $11,000 in 2008. If the inflation rate in 2008 was 8%, Bud’s real income fell in 2008.
Indicate whether the statement is true or false
ANSWER
FALSE
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