Which of the following correctly distinguishes nominal deficits from real deficits? Multiple choice question. Nominal deficits are receipts less expenditures and the real deficits are nominal deficits adjusted for inflation. Nominal deficits are receipts less expenditures and real deficits are nominal deficits government must pay with tax receipts rather than bond sales. Real deficits are receipts less expenditures adjusted for GDP growth and the nominal deficits are receipts less expenditures adjusted for inflation. Real deficits are receipts less expenditures in a given year and the nominal deficits are real deficits adjusted for inflation over two year