Business, 27.11.2019 01:31, tiffanibell71

In year 1, the price level was 120 and the average nominal income was $30,000. in year 2, the price level was 125 and the average nominal level of income was $32,000. what happened to real income from year 1 to year 2?
a. it fell by $400.
b. it rose by $400.
c. it rose by $600.
d. it rose by $2,000.

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In year 1, the price level was 120 and the average nominal income was $30,000. in year 2, the price...