5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and erasers. The following table shows the prices and quantities of the goods over a three-year period. Apples Erasers Price Quantity Price Quantity Year (Dollars per apple) (Number of apples) (Dollars per eraser) (Number of erasers) 2015 110 1 180 2016 N 140 210 2017 100 190 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2015, dollars) GDP Deflator 2015 110 180 2016 2017 From 2016 to 2017, nominal GDP , and real GDP The inflation rate in 2017 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? 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. 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