Should people typically pay more attention to their real income or their nominal income? If you choose the latter, why would that make sense in todays world? Would your answer be the same for the 1970s?

Should people typically pay more attention to their real income or their nominal income? If you choose the latter, why would that make sense in todays world? Would your answer be the same for the 1970s?

All written work is to be in the students own words with sources appropriately cited in APA format. For your convenience, the correct in-text citation for your textbook is (Greenlaw & Shapiro, 2017). The correct full-text reference is:

Greenlaw, S.A and Shapiro, D. (2017, October 11). Principles of Economics, 2e, Openstax. Retrieved from https://openstax.org/books/principles-economics-2e/pages/1-introduction

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