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(Solved): 7. Explain the difference between nominal and real variables and give two examples of each. (4 mark ...
7. Explain the difference between nominal and real variables and give two examples of each. (4 marks) 8. According to the principle of monetary neutrality, which variables are affected by changes in the quantity of money? ( 2 marks)
Expert Answer
Answer;Nominal and real variables are terms used in statistics and economics to describe different types of measurements. Here's an explanation of each, along with two examples for each type:Nominal Variables: Nominal variables are categorical or qua...