value and volume

• Real values are?

  can be described as the volume of national income i.e. the size of the basket of goods
• nominal values represent?

  the value of the national income i.e. the monetary cost of this basket of goods.
• What is the formula for calculating national income value?

  Volume times the current price level
• How is the value of national income defined?

  Its monetary value at the prices of the day
• What does the volume of national income represent?

  National income adjusted for inflation
• In what forms can the volume of national income be expressed?

  As index number or in money terms