Is the quantity of goods and services the economy can produce a real or nominal variable?

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Kylan Padilla

Business

2 December, 03:34

Is the quantity of goods and services the economy can produce a real or nominal variable?

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Emily Alvarado · Answer 1

The quantity of goods and services that can be produced by the economy is classified as a real variable. While nominal variables are measured in terms of dollars (like price level or quantity of money), real variables measure relative prices or quantities (like the quantity of goods and services produced in an economy).