5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and mumins. The following table shows the prices and quantities of the goods over a three-year period. Price Quantity of pencils) (Dollars per mufrin) (Number of mufrins) 115 150 100 (N 2012 2013 2014 175 180 160 Use the from the preceding table to fill in the following table. Nominal GDP Real GDP GDP Deflator (Base year 2012, dollars) Year 2012 2013 2014 (Dollars) and real GDP From 2013 to 2014, nominal GDP 2012 2013 2014 but nominal GDP does not. Notices Terms of Use Privacy Notice Security Notice