The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction.
Rina spends all of her money on paperback novels and donuts. In 2009 she earned $14.00 per hour, the price of a paperback novel was $7.00, and the price of a donut was $2.00.
1: Which of the following give the nominal value of a variable? Check all that apply.
A) The price of a donut is $2.00 in 2009.
B) Rina's wage is $14.00 per hour in 2009.
C) Rina's wage is 2 paperback novels per hour in 2009.
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