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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.
there are 1 million hours of labor available for making cars in the north, and another 1 million hours of labor available for making cars in the south. in a no-trade world, let''s
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During summer of 2006, China increased their reserve requirement for the banking system while maintaining a fixed target for the interbank lending interest rate. Draw a graph of th
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ASIAN DEVELOPMENT BANK; In addition to the World Bank family, there are three other international lending agencies operating only in specific geographical area, but run on lin
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