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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 Real GDP does not include the value of intermediate goods and services, but nominal GDP does. 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.

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 Real GDP does not include the value of intermediate goods and services, but nominal GDP does. 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.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter9: Systems Of Equations And Inequalities
Section: Chapter Questions
Problem 72RE
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20. Real versus nominal GDP Consider a simple economy that produces two goods: pens and oranges. The following table shows the prices and quantities of the goods over a three-year period. Pens Oranges Price Quantity Price Quantity Year (Dollars per pen) (Number of pens) (Dollars per orange) (Number of oranges) 2018 145 2 195 2019 2 165 4 225 2020 3 110 4 165 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 Real GDP does not include the value of intermediate goods and services, but nominal GDP does. 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.
Transcribed Image Text:20. Real versus nominal GDP Consider a simple economy that produces two goods: pens and oranges. The following table shows the prices and quantities of the goods over a three-year period. Pens Oranges Price Quantity Price Quantity Year (Dollars per pen) (Number of pens) (Dollars per orange) (Number of oranges) 2018 145 2 195 2019 2 165 4 225 2020 3 110 4 165 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 Real GDP does not include the value of intermediate goods and services, but nominal GDP does. 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.
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