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In 2002 Ortega's nominal income rose by 4.6 percent and the price level rose by 1.6 percent. What is Ortega's real income?
Wiki User
∙ 11y ago
the nominal income rose by 3 percent
Wiki User
∙ 11y ago
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What level of measurement is required to determine the mode?
nominal
Can more types of calculations be performed at a nominal level than an interval level?
No. The interval level is more refined and so enables calculations which are not available at the nominal level.
What is the difference between real income and money income?
In economics, the nominal values of something are its money values in different years. Real values adjust for differences in the price level in those years. Examples include a bundle of commodities, such as Gross Domestic Product, and income. For a series of nominal values in successive years, different values could be because of differences in the price level. But nominal values do not specify how much of the difference is from changes in the price level. Real values remove this ambiguity. Real values convert the nominal values as if prices were constant in each year of the series. Any differences in real values are then attributed to differences in quantities of the bundle or differences in the amount of goods that the money incomes could buy in each year....
If GDP increased by 5 percent and real GDP increased by 5 percent what has happened to the average price level?
If (nominal) GDP and real GDP are equal then average price levels are constant.
What level of measurement is ethnicity?
It is nominal.
What happens to money demand as nominal income increases?
If a Central Bank follows the Taylor Rule, it will modify the interest rate, and therefore affecting the money supply if basically one or both of things happen:The inflation rate is bigger than the target, that is, the level of inflation that CB want to maintain.The actual output is bigger than the potential output.So if nominal income increases, this may not imply a change in the money supply, but if aggregate income outweigh potential income, inflation pressures would appear, and the CB would reduce money supply to cool down the economy.Summarising, if nominal income grows faster, there will be a reduction in money supply.
What level of measurement is a bar code?
The level of measurement of a bar code is nominal.
What scale of measurement is educational level?
nominal
Is a bar code a ratio level of measurement?
No, it is nominal.
What level of measurement is what is your major?
That would be a nominal measurement.
What does income level mean?
what does income level mean?
What is the level of measurement for family history of illness in statistics?
Nominal
