Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The inflation rate in 2022 wasWhy is real GDP a more accurate measure of an economy's production than nominal GDP?O Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods andservices an economy consumes.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. 2. Real versus nominal GDPConsider a simple economy that produces two goods: coffees and enamel pins. The following table shows the prices and quantities of the goods over athree-year period.Year202020212022Year202020212022Price(Dollars per coffee)323CoffeesNominal GDP(Dollars)Use the information from the preceding table to fill in the following table.Quantity(Number of coffees)265120150From 2021 to 2022, nominal GDPReal GDP(Base year 2020, dollars) GDP DeflatorPriceQuantity(Dollars per enamel pin) (Number of enamel pins)160and real GDPEnamel pins4210155

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The inflation rate in 2022 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? 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. 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.

The inflation rate in 2022 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? 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. 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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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