Price Quantity Year (Dollars per plastic cup) (Number of plastic cups) 2019 2020 2021 Year 2019 2020 2021 Nominal GDP (Dollars) 2 985 1,065 845 3 2 Use the information from the preceding table to fill in the following table. Plastic cups From 2020 to 2021, nominal GDP 255 165 130 Real GDP (Base year 2019, dollars) GDP Deflator The inflation rate in 2021 was. and real GDP Donuts Price (Dollars per donut) 2 3 3 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of donuts) 195 190 195 Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. O Real GDP is not influenced by price changes, but nominal GDP is. O Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes.
Price Quantity Year (Dollars per plastic cup) (Number of plastic cups) 2019 2020 2021 Year 2019 2020 2021 Nominal GDP (Dollars) 2 985 1,065 845 3 2 Use the information from the preceding table to fill in the following table. Plastic cups From 2020 to 2021, nominal GDP 255 165 130 Real GDP (Base year 2019, dollars) GDP Deflator The inflation rate in 2021 was. and real GDP Donuts Price (Dollars per donut) 2 3 3 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of donuts) 195 190 195 Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. O Real GDP is not influenced by price changes, but nominal GDP is. O Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 6PA
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