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What Is a Variable? How Many Values Should a Variable

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What is a variable? How many values should a variable have, and why should it have that many values?


Definitions:

Nominal Interest Rate

The interest rate unadjusted for inflation, representing the face value rate at which money can be borrowed or saved.

Inflation Rate

A rise in the cost of goods and services in an economy, expressed as a percentage over a certain time frame.

Rate of Inflation

The Rate of Inflation signifies the percentage increase in the general price level of goods and services in an economy over a period of time, leading to a decrease in purchasing power.

Imported Goods

Products brought into one country from another for the purpose of sale.

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