The amount of money received in a particular period adjusted for changes in purchasing power is called
A) Nominal income
B) Real income
C) A cost-of-living index
D) Consumer surplus

Question

Quizplus · Accepted Answer

Real income is the amount of money received in a particular period adjusted for changes in purchasing power. Nominal income refers to the actual amount of money received without taking into account changes in purchasing power. A cost-of-living index is a measure of changes in the cost of goods and services over time. Consumer surplus is the difference between the highest price a consumer is willing to pay for a good or service and the actual price they pay.

The Amount of Money Received in a Particular Period Adjusted