Question

The nominal value of any economic statistic refers to the number that is actually announced at that time, while the ________________ refers to the statistic after it has been adjusted for inflation.

Answer 1

The nominal value takes into account the number that is actually announced at a time, while the real value refers to the statistic after it has been adjusted for inflation.

What do you mean by real value in economics?

A real value of an item, additionally referred to as its relative price, is its nominal price adjusted for inflation and measures that price in phrases of every other item.

Real values are extra vital than nominal values for monetary measures, along with the gross domestic product (GDP) and private incomes.

Thus, Real value refers to the statistic after it has been adjusted for inflation.

Learn more about Real Value in economics here:

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