Identify Each of the Following as Nominal or Real Variables

question 459

Essay

Identify each of the following as nominal or real variables.
a. the physical output of goods and services
b. the overall price level
c. the dollar price of apples
d. the price of apples relative to the price of oranges
e. the unemployment rate
f. the amount that shows up on your paycheck after taxes
g. the amount of goods you can purchase with the wage you get each hour
h. the taxes that you pay the government

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Definitions:

Racial Groups

Categories of humans identified by shared physical or social qualities into groups considered distinct by society.

Financial Pressures

Situations or conditions that create a strain or stress on one's financial resources, often leading to difficult economic decisions or problems.

Emotional Conflicts

Internal struggles resulting from competing desires, obligations, or needs that affect an individual's emotional state and decision-making abilities.

Arlie Hochschild

A sociologist known for her work on the emotional labor concept and exploring how modern work impacts family life and personal emotions.