4. Real versus nominal GDP Consider a simple economy that produces two goods: pens and muffins. The following table shows the prices and quantities of the goods over a three- year period. Pens Muffins Price Quantity Price Quantity Year (Dollars per pen) (Number of pens) (Dollars per muffin) (Number of muffins) 2014 125 200 2015 N 170 230 2016 150 170 Use the information from the previous table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2014, dollars) GDP Deflator 2014 2015 2016 From 2015 to 2016, nominal GDP , and real GDP The inflation rate in 2016 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. 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.Use the information from the previous table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2014, dollars) GDP Deflator 2014 2015 2016 From 2015 to 2016, nominal GDP , and real GDP The inflation rate in 2016 was decreased increased 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. 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.Use the information from the previous table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2014, dollars) GDP Deflator 2014 2015 2016 From 2015 to 2016, nominal GDP , and real GDP The inflation rate in 2016 was decreased increased Why is real GDP a more accurate measure of an economy's production can 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. 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.Use the information from the previous table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2014, dollars) GDP Deflator 2014 2015 2016 From 2015 to 2016, nominal GDP , and real GDP The inflation rate in 2016 was -27% Why is real GDP a more accura re of an economy's production than nominal GDP? 0.3% O Real GDP includes th exports, but nominal GDP does not. 27% O Real GDP is not influ price changes, but nominal GDP is. 78.8% O Real GDP measures of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy 127%