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 . A. empirical value B. adjusted value C. real value D. net value

Answer 1

Option (C) is correct.

Step-by-step explanation:

The nominal value of a particular economic statistic indicates the actual change in that statistic. For example: nominal wages

Suppose there is an increase in the wages then as a result nominal wages also increases.

The real value of a same economic statistic indicates the change in the statistic after it has been adjusted for the inflation. For example: Real wages

Suppose there is an increase in the wages then as a result nominal wages also increases but real wages takes into account the effect of the inflation or rises in prices.