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:
The correct answer is Real Value.
Explanation:
The topic under consideration is a sub-topic of Macroeconomic Measures: Inflation and Price Indexes.
When looking at economic statistics, there is a crucial difference that needs to be underlined. The variance is between nominal and real measurements, which speaks to whether or not inflation has distorted a given statistic.
Economic Statistics cannot be fully understood without factoring in inflation. On the other hand, if you do not know the rate of inflation, it is almost impossible to ascertain if a rise in Gross Domestic Product is due mainly to a rise in the overall level of prices or to a rise in quantities of goods manufactured.
For example,
Nominal Comparison is: That Jacket costs $18. Britain’s science and technology spending is about 3 trillion Pounds per year.
Real Comparison: Two years of college costs about the value of a Mercedes C300. or
Those tickets to see Jumanji cost me three weeks’ worth of food!
Cheers!
It should be noted that the nominal value of any economic statistic refers to the number that is actually announced at that time.
while real value refers to the statistic after it has been adjusted for inflation.
Learn more about values in accounting at:
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