Economics
JAMB 2023
An increase in nominal income without increase in price will result to
-
A.
increased real income
-
B.
increased GDP
-
C.
decreased real income
-
D.
decreased GNP
Correct Answer: Option A
Explanation
When nominal income increases without any change to prices, this means consumers can purchase more goods at the same price, and for most goods, consumers will demand more.
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