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Nominal income is the income one gets in money terms and real income is the amount of goods and services a person can buy from the nominal income. Nominal income is calculated with current year price and real income is calculated with base year' price. Real income is calculated by dividing nominal income by the price level. For example:
If Real income is Rs.400 and Price Index is 105, Nominal Income will be Real Income = (Nominal Income,/Price Index of the Current Year) x 100
400 = (Nominal Income/105) x 100 nominal income= Rs.420
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Sia ? 6 years, 5 months ago
The characteristic of developed nations:
- High standard of living.
- Most of the GDP came from the industry sector.
- High GDP per capita.
- Low corruption.
- Mainly urban citizens.
- Advanced public transportation.
- Low poverty.
- Low number of homelessness.
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Management is a process of getting things done through others with the aim of achieving goals effectively and efficiently.
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Each ring can be worn on any of four fingers and this can be done in 5 ways.
Hence, the required number of ways = (4)5.
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Sia ? 6 years, 5 months ago
The narrator thinks of a dream as something one sees at night while they sleep. The beggar in the story adds to this basic definition, by telling the narrator that a dream is what one wants the most in life.
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