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Apples Oranges Price Quantity Price Quantity Year (Dollars per apple) (Number of apples) (Dollars per orange) (Number of oranges) 2018 120 1. 195 2019 2 130 4 195 2020 130 4 145 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2018, dollars) GDP Deflator 2018 2019 2020 From 2019 to 2020, nominal GDP , and real GDP The inflation rate in 2020 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. 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. O Real GDP is not influenced by price changes, but nominal GDP is.

Apples Oranges Price Quantity Price Quantity Year (Dollars per apple) (Number of apples) (Dollars per orange) (Number of oranges) 2018 120 1. 195 2019 2 130 4 195 2020 130 4 145 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2018, dollars) GDP Deflator 2018 2019 2020 From 2019 to 2020, nominal GDP , and real GDP The inflation rate in 2020 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. 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. O Real GDP is not influenced by price changes, but nominal GDP is.

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter23: Measuring A Nation's Income
Section: Chapter Questions
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Apples Oranges Price Quantity Price Quantity Year (Dollars per apple) (Number of apples) (Dollars per orange) (Number of oranges) 2018 1 120 1. 195 2019 2 130 4 195 2020 130 4 145 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2018, dollars) GDP Deflator 2018 2019 2020 From 2019 to 2020, nominal GDP , and real GDP The inflation rate in 2020 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. 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. O Real GDP is not influenced by price changes, but nominal GDP is.
Transcribed Image Text:Apples Oranges Price Quantity Price Quantity Year (Dollars per apple) (Number of apples) (Dollars per orange) (Number of oranges) 2018 1 120 1. 195 2019 2 130 4 195 2020 130 4 145 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2018, dollars) GDP Deflator 2018 2019 2020 From 2019 to 2020, nominal GDP , and real GDP The inflation rate in 2020 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. 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. O Real GDP is not influenced by price changes, but nominal GDP is.
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