Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2018, dollars) GDP Deflator 2018 2019 2020 From 2019 to 2020, nominal GDP and real GDP The inflation rate in 2020 was 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 includes the value of exports, but nominal GDP does not.

Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2018, dollars) GDP Deflator 2018 2019 2020 From 2019 to 2020, nominal GDP and real GDP The inflation rate in 2020 was 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 includes the value of exports, but nominal GDP does not.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

20. Real versus nominal GDP
Consider a simple economy that produces two goods: pens and oranges. The following table shows the prices and quantities of the goods over a
three-year period.
Pens
Oranges
Price
Quantity
Price
Quantity
Year
(Dollars per pen)
(Number of pens)
(Dollars per orange)
(Number of oranges)
2018
145
2
195
2019
2
165
4
225
2020
3
110
4
165
Use the information from the preceding table to fill in the following table.
Nominal GDP
Real GDP
Year
(Dollars)
(Base year 2018, dollars)
GDP Deflator
2018
2019
2020
From 2019 to 2020, nominal GDP
and real GDP
The inflation rate in 2020 was
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.
Real GDP is not influenced by price changes, but nominal GDP is.
O Real GDP includes the value of exports, but nominal GDP does not.

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