_______ depicts what has actually happened.

The correct option/answer is Ex-Post.

In economics and finance, terms are often used to distinguish between planned/forecasted values and actual/realized values:
1. Ex-Ante: This term refers to future events or forecasts, representing what is planned, expected, or intended before the actual event takes place (looks forward).
2. Ex-Post: This term means "after the fact" or "afterwards." It refers to actual results, representing what has already occurred, been realized, or actually happened (looks backward).
3. Constant / Variable: These describe values that either remain unchanged or change, rather than distinguishing between planning and actual occurrence.

Therefore, Ex-Post depicts what has actually happened.