Use the information from the preceding table to fill in the following table.Nominal GDPReal GDP(Dollars) (Base year 2017, dollars) GDP DeflatorYear201720182019From 2018 to 2019, nominal GDPThe inflation rate in 2019 wasand real GDPWhy is real GDP a more accurate measure of an economy's production than nominal GOP?Real GDP includes the value of exports, but nominal GOP does notO Real GOP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods andservices an economy consumes.Real GDP is not influenced by price changes, but nominal GDP is 5. Real versus nominal GDPConsider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over athree-year period.Year201720182019Year201720182019CupcakesPrice(Dollars per cupcake)12Quantity(Number of cupcakes)110140100Use the information from the preceding table to fill in the following tableNominal GDPReal GDP(Dollars)(Base year 2017, dollars)Price(Dollars per eraser)1ErasersGDP DeflatorQuantity(Number of erasers)180210190

The GDP price deflator estimates the progressions in prices for every one of the goods and services…

Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP (Dollars) (Base year 2017, dollars) GDP Deflator Year 2017 2018 2019 From 2018 to 2019, nominal GOP The inflation rate in 2019 was and real GDP Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP includes the value of exports, but nominal GOP does not