P9

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5. Real versus nominal GDP Consider a simple economy that produces two goods: beers and seltzers. The following table shows the prices and quantities of the goods over a three-year period. Beers Seltzers Price Quantity Price Quantity Year ( Dollars per beer) (Number of beers) (Dollars per seltzer) (Number of seltzers) 2019 2 255 2 195 2020 165 190 NW W W 2021 130 195 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2019, dollars) GDP Deflator 2019 2020 2021 From 2020 to 2021, nominal GDP ,and real GDP The inflation rate in 2021 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP includes the value of exports, but nominal GDP does not. O Real GDP is not influenced by price changes, but nominal GDP is. Real GDP does not include the value of intermediate goods and services, but nominal GDP does