Differentiate between real and nominal variables, Microeconomics

Assignment Help:

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. 

 


Related Discussions:- Differentiate between real and nominal variables

Can you explain about counterfactual, Q. Can you explain about Counterfactu...

Q. Can you explain about Counterfactual? The ‘base case' or counterfactual is a statement of what could have happened without policy intervention, or if the policy intervention

Rational producer, in the context of managerial economics how do you explai...

in the context of managerial economics how do you explain a rational producer.illustrate giving example.

Equilibrium price & quantity, Research has revealed the following informati...

Research has revealed the following information about the market for Thomas chocolates; the demand schedule can be represented by the equation Qd=850 @20 dollar. The supply schedul

Market demand curve, How to graph the market demand on tobacco taxing in ca...

How to graph the market demand on tobacco taxing in california

Land resources , Normal 0 false false false EN-IN X-N...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Explain the concept of opportunity cost, The concept of opportunity cost oc...

The concept of opportunity cost occupies a very important place in modern economic analysis. The opportunity cost of any good is the next best alternative goods that are sacrificed

Equilibrium, what is pooling equilibrium

what is pooling equilibrium

Effected labor markets, If a minimum wage were imposed below the competitiv...

If a minimum wage were imposed below the competitive equilibrium what would we expect to observe in the effected labor markets?

Role of managers, Managers: Top directors and managers of larger companies ...

Managers: Top directors and managers of larger companies who are assigned the task of organizing disciplining workers, initiating production and accounting to shareholders for perf

Competitive equilibrium will result in a shortage, a) An enhances in the qu...

a) An enhances in the quantity demanded of a good can happen because consumers expect the price of that good to enhance in the near future. b) A price ceiling imposed above the

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd