Consider a simple economy that produces two goods: beers and enamel pins. The following table shows the prices and quantities of the goods over a three-year period. Price Year (Dollars per beer) 2018 2 2019 4 2020 Year 2018 2019 2 2020 Beers Use the information from the preceding table to fill in the following table. Quantity (Number of beers) 215 135 150 From 2019 to 2020, nominal GDP The inflation rate in 2020 was Nominal GDP Real GDP (Dollars) (Base year 2018, dollars) GDP Deflator Price (Dollars per enamel pin) 3 3 3 Enamel pins and real GDP Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of enamel pins) 155 210 190 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. Real GDP does not include the value of intermediate goods and services, but nominal GDP does.

Consider a simple economy that produces two goods: beers and enamel pins. The following table shows the prices and quantities of the goods over a three-year period. Price Year (Dollars per beer) 2018 2 2019 4 2020 Year 2018 2019 2 2020 Beers Use the information from the preceding table to fill in the following table. Quantity (Number of beers) 215 135 150 From 2019 to 2020, nominal GDP The inflation rate in 2020 was Nominal GDP Real GDP (Dollars) (Base year 2018, dollars) GDP Deflator Price (Dollars per enamel pin) 3 3 3 Enamel pins and real GDP Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of enamel pins) 155 210 190 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. Real GDP does not include the value of intermediate goods and services, but nominal GDP does.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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