Consider a simple economy that produces two goods: pens and envelopes. The following table shows the prices and quantities of the goods over a three year period. Pens Envelopes Price Quantity Price Quantity Year (Dollars per pen) (Number of pens) (Dollars per envelope) (Number of envelopes) 2017 1. 110 180 2018 140 210 2019 4. 100 190 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 and real GDP From 2018 to 2019, nominal GDP The inflation rate in 2019 was the the information from the preceding table to fill in the folowing table Nominal GDP Real GDP Year (Dollars) (Base year 2017, dollars) GDP Dellator 2017 2018 2019 From 2018 to 2019, nominal GDP and real GOP The inflation rate in 2019 was Why is real GDP a more accurate measure of an economy's production than nominal GOP? O Real GOP measures ther value of the goods and services an economy produces, but nominal GOP mensures the value of the goods and services an economy consumes. O Real GDP is not influenced by price changes, but nominal GDP s O Nominal GDPs adjusted for the effects of inflation or deflation, whereas real GDP is not

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.