Question

During a given year nominal national income increased by 14% while the real national income
increased by only 6%. Population increased by 2%. What has caused the difference between nominal
income and real income. What is the rise in the real per capital income?​

Answer 1

Answer:

Thus, the whole difference between the real and the nominal income can be attributed to the inflation rate. ... Hence, the 14% rise in the nominal national income is due to 6% rise in the quantity of output produced and remaining due to 8% rise in the price. Lastly, the rise in real per capita income is 12%

Explanation:

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Answer 2

Answer:

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