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Consider a simple economy that produces two goods: stickers and paper plates. The following table shows the prices and quantities of the goods over a three-year period. Price Year (Dollars per sticker) 2020 3 2021 2 2022 3 Year 2020 2021 2022 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Stickers From 2021 to 2022, nominal GDP Quantity (Number of stickers) 210 150 125 The inflation rate in 2022 was Real GDP (Base year 2020, dollars) GDP Deflator Price (Dollars per paper plate) , and real GDP Paper plates 4 4 4 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of paper plates) 180 200 180 O 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 includes the value of exports, but nominal GDP does not.

Consider a simple economy that produces two goods: stickers and paper plates. The following table shows the prices and quantities of the goods over a three-year period. Price Year (Dollars per sticker) 2020 3 2021 2 2022 3 Year 2020 2021 2022 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Stickers From 2021 to 2022, nominal GDP Quantity (Number of stickers) 210 150 125 The inflation rate in 2022 was Real GDP (Base year 2020, dollars) GDP Deflator Price (Dollars per paper plate) , and real GDP Paper plates 4 4 4 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of paper plates) 180 200 180 O 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 includes the value of exports, but nominal GDP does not.

Brief Principles of Macroeconomics (MindTap Course List)
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
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From 2021 to 2022, nominal GDP (decreased, increased), and real GDP (decreased, increased)   .
The inflation rate in 2022 was (-13.6%, 0.1%, 13.6%, 88%, 113.6%).

please help me fill in all the blanks and the multiple choice

 

Consider a simple economy that produces two goods: stickers and paper plates. The following table shows the prices and quantities of the goods over a three-year period. Year 2020 2021 2022 Year 2020 2021 2022 Price (Dollars per sticker) 3 2 3 Use the information from the preceding table to fill in the following table. Stickers Nominal GDP From 2021 to 2022, nominal GDP Quantity (Number of stickers) 210 150 125 Real GDP (Dollars) (Base year 2020, dollars) GDP Deflator The inflation rate in 2022 was I Price (Dollars per paper plate) 4 4 and real GDP Paper plates 4 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP is not influenced by price changes, but nominal GDP is. Real GDP includes the value of exports, but nominal GDP does not. Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. Quantity (Number of paper plates) 180 200 180
Transcribed Image Text:Consider a simple economy that produces two goods: stickers and paper plates. The following table shows the prices and quantities of the goods over a three-year period. Year 2020 2021 2022 Year 2020 2021 2022 Price (Dollars per sticker) 3 2 3 Use the information from the preceding table to fill in the following table. Stickers Nominal GDP From 2021 to 2022, nominal GDP Quantity (Number of stickers) 210 150 125 Real GDP (Dollars) (Base year 2020, dollars) GDP Deflator The inflation rate in 2022 was I Price (Dollars per paper plate) 4 4 and real GDP Paper plates 4 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP is not influenced by price changes, but nominal GDP is. Real GDP includes the value of exports, but nominal GDP does not. Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. Quantity (Number of paper plates) 180 200 180
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