Respuesta :
The relationship between the percent change in real income, nominal income, and price level is therefore accurately expressed by option B, which reads "Percent change in real income=percent change in nominal income plus percentage price level change."
What is meant by real income?
Real income, also known as real pay when referring to an individual's income, is the amount of money that an individual or entity makes after taking inflation into account. Real gross domestic product (GDP), which is corrected for inflation, is a gauge of an economy's annual output of all goods and services. In base-year prices, real GDP is represented. Other names for it include GDP adjusted for inflation, GDP with constant dollars, & GDP at constant prices.
What are the types of real income?
Real income is made up of both producers' assets such equipment, raw materials, factories, etc. Consumer products like fruits and vegetables are also included. Both of these product categories have the ability to satisfy desires. For a family to live comfortably, real income is crucial. The term "income effect" refers to a shift in customer demand for a commodity or service as a result of a change in their real income, which in turn causes a shift in their purchasing power. It pertains to how affluent customers feel and is a component of consumer choice economic theory.
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