Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Year 2020 2021 2022 Real GDP (Base year 2020, dollars) From 2021 to 2022, nominal GDP The Inflation rate in 2022 was GDP Deflator , and real GDP Why is real GDP a more accurate measure of an economy's production than nominal GDP? 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 en economy consumes O Nominal GDP is adjusted for the effects of inflation or deflaten, whereas real GDP is not. Real GDP is not influenced by price changes, but nominal GDP is.
Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Year 2020 2021 2022 Real GDP (Base year 2020, dollars) From 2021 to 2022, nominal GDP The Inflation rate in 2022 was GDP Deflator , and real GDP Why is real GDP a more accurate measure of an economy's production than nominal GDP? 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 en economy consumes O Nominal GDP is adjusted for the effects of inflation or deflaten, whereas real GDP is not. Real GDP is not influenced by price changes, but nominal GDP is.
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 5PA
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