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Differentiate between real and nominal variables.
In economics, the distinction among nominal and real numbers is often made. Nominal variables -- like nominal wages, interest rates and gross domestic product (GDP) -- refer to amounts that are paid or earned in money terms. Real variables -- real wages, interest rates, and GDP -- are corrected for the effects of inflation. They show the value of these numbers in terms of the purchasing power of wages, interest, or total production.
DEMOGRAPHIC PROFILE: A demographic profile of India can be prepared out of the data collected by the office of the Registrar General of India who is the responsible authority
Allocation Function The shifting or reallocation of production property into or out of markets based on shifts in prices for the products or services produced in that market.
The Money Multiplier is explained below: If you see carefully, the money multiplier is nothing but an inverse of a reserve ratio. Therefore, we can write MM = 1/rr, where rr is
Elasticity of Market Supply • Perfectly inelastic short run supply arises when industry's plant and equipment are so fully utilized that new plants should be built to ac
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define real and nominal wages
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Name the five types of capital. The five types of capital are: natural capital, manufactured capital, human capital, social capital and financial capital.
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