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QUESTION
Recently a labour union argued that the standard of living of its members was falling.
- Yes, because when you have a large nominal income your standard of living automatically increases.
- No, because real income may fall if price increases are more proportionately than the increase in nominal income.
- No, because real income may fall if price increases are less proportionately than the increases in nominal income.
- Yes, because real income may fall if price increases are less proportionately than the increases in nominal income.
