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Good question. From what I hear, it can be explained as (for example) a house from 40 years ago will be at a different price than a house (of same quality) that was made this year "due to inflation". The real price would be the same because they are both of the same quality (as I mentioned earlier). I also found Investopedia to be very useful as well.
What else can I help you with?
Which type of accounts relating to losses and incomes is?
nominal
Is BMI a nominal or ratio data?
nominal
Can a histogram be used to display and analyze nominal data?
No, it is not suitable for nominal data.
Is marital status nominal data?
Yes, marital status is nominal data.
Is length nominal data?
If you are bothering to measure it, it probably is not nominal data in your study.
Is marital status a nominal data?
Yes, marital status is nominal data.
What are the nominal variables in economics?
Variables measured in monetary units
What type of data is produced by simple category scales?
Nominal
Are bar and pie charts part of nominal data?
They are part of nominal data if the study is about different kinds of methods for displaying statistical data.
How does the nominal and real values of things affect the aggregate behavior of a society?
In economics, the nominal values of something are its money values in different years
What are the data which cannot be rounded off?
Nominal or categoric data.
Express age of group of person as nominal data?
illustrate how you can express the age of group of persons as {1}nominal,{2}ordinal data,{3} interval data,{4}ratio data
