Consider a simple economy that produces two goods: coffees and enamel pins. The following table shows the prices and quantities of the goods over a three-year period. Year 2019 Price Quantity Price Quantity Year (Dollars per coffee) (Number of coffees) (Dollars per enamel pin) (Number of enamel pins) 2019 215 155 2020 135. 210 2021 150 190 2 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) 2020 2021 Coffees Real GDP (Base year 2019, dollars) GDP Deflator From 2020 to 2021, nominal GDP The inflation rate in 2021 was V V and real GDP Enamel pins 3 3 k 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 measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes.
Consider a simple economy that produces two goods: coffees and enamel pins. The following table shows the prices and quantities of the goods over a three-year period. Year 2019 Price Quantity Price Quantity Year (Dollars per coffee) (Number of coffees) (Dollars per enamel pin) (Number of enamel pins) 2019 215 155 2020 135. 210 2021 150 190 2 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) 2020 2021 Coffees Real GDP (Base year 2019, dollars) GDP Deflator From 2020 to 2021, nominal GDP The inflation rate in 2021 was V V and real GDP Enamel pins 3 3 k 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 measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 6PA
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