2. Real versus nominal GDP Consider a simple economy that produces two goods: coffees and seltzers. The following table shows the prices and quantities of the goods over a three-year period. Price Coffees Quantity Price Seltzers Quantity Year (Dollars per coffee) (Number of coffees) (Dollars per seltzer) (Number of seltzers) 2018 3 260 2 160 2019 4 120 2 220 2020 3 155 2 140 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year 2018, dollars) GDP Deflator Year 2018 2019 2020

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