Please give a detailed solution with an explanation and answer all the questions provided in the images below.Please double-check your sources and answer before submitting the final answer.For the 3 blank answers here are the options:Blank Answer #1:decreased or increasedBlank Answer #2:decreased or increasedBlank Answer #3:-30% or 0.3% or 30% or 76.9% or 130% Use the information from the preceding table to fill in the following table.Nominal GDPReal GDPYear(Dollars)(Base year 2017, dollars)GDP Deflator201720182019From 2018 to 2019, nominal GDPand real GDPThe inflation rate in 2019 wasWhy is real GDP a more accurate measure of an economy's production than nominal GDP?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 andservices an economy consumes.Real GDP includes the value of exports, but nominal GDP does not. 4. Real versus nominal GDPConsider a simple economy that produces two goods: cupcakes and envelopes. The following table shows the prices and quantities of the goods over athree-year period.CupcakesEnvelopesPriceQuantityPriceQuantityYear(Dollars per cupcake)(Number of cupcakes)(Dollars per envelope)(Number of envelopes)20171125215520182135421020191004200Use the information from the preceding table to fill in the following table.

Answered: Use the information from the preceding…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give a detailed solution with an explanation and answer all the questions provided in the images below.
Please double-check your sources and answer before submitting the final answer.
For the 3 blank answers here are the options:
Blank Answer #1:
decreased or increased
Blank Answer #2:
decreased or increased
Blank Answer #3:
-30% or 0.3% or 30% or 76.9% or 130%

Use the information from the preceding table to fill in the following table.
Nominal GDP
Real GDP
Year
(Dollars)
(Base year 2017, dollars)
GDP Deflator
2017
2018
2019
From 2018 to 2019, nominal GDP
and real GDP
The inflation rate in 2019 was
Why is real GDP a more accurate measure of an economy's production than nominal GDP?
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.
Real GDP includes the value of exports, but nominal GDP does not.

4. Real versus nominal GDP
Consider a simple economy that produces two goods: cupcakes and envelopes. The following table shows the prices and quantities of the goods over a
three-year period.
Cupcakes
Envelopes
Price
Quantity
Price
Quantity
Year
(Dollars per cupcake)
(Number of cupcakes)
(Dollars per envelope)
(Number of envelopes)
2017
1
125
2
155
2018
2
135
4
210
2019
100
4
200
Use the information from the preceding table to fill in the following table.

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Gross domestic product is the total market value of all the services and finished goods being produced within borders of a country in a specified period of time.

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