What is nominal income and real income, Microeconomics

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What is nominal income and real income

Problem

You are a monetarist given the following information: The money supply is $1,000. The velocity of money is 5. What is nominal income? real income? What happens to nominal income if the money supply is doubled? What happens to real income?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: What is nominal income and real income

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Microeconomics: What is nominal income and real income

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