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Chapter 6: Q. 16 (page 160)

How do you convert a series of nominal economic

data over time to real terms?

Short Answer

Expert verified

We utilize inflation-adjusted data to turn nominal economic data from numerous years into real data.

Step by step solution

01

Inflation-adjusted data 

The practice of eliminating the impact of price inflation from data is known as inflation adjustment.

02

Description

Nominal data is not adjusted for inflation and includes price changes. To transform nominal economic data from multiple years into real data, inflation-adjusted statistics, pick a base year randomly then use a price index to convert the measures into the base year's money.

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