5 Real versus nominal GDP Consider a simple economy that produces two goods plastic cups and seltzers The following table shows the prices and quantities of the goods over a three year period Plastic cu ps Seltzers Price Quantity Price Quantity Year ( Dollars per plastic cup) (Number of plastic cups) ( Dollars per seltzer) ( Number of seltzers) 20 16 3 2 20 4 1 75 20 1 7 2 1 20 4 2 1 0 20 18 3 1 15 4 1 90 Use the information from the preceding table to ll in the following table Nominal GDP Real GDP Year (Dollars) (Base year 2016, dollars) GDP Deflator 2016 2017 2018

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5  Real versus nominal GDP Consider a simple economy that produces two goods  plastic cups and seltzers  The following table shows the prices and quantities of the goods over a three year period  Plastic cu ps Seltzers Price Quantity Price Quantity Year ( Dollars per plastic cup) (Number of plastic cups) ( Dollars per seltzer) ( Number of seltzers) 20 16 3 2 20 4 1 75 20 1 7 2 1 20 4 2 1 0 20 18 3 1 15 4 1 90 Use the information from the preceding table to ll in the following table  Nominal GDP Real GDP Year (Dollars) (Base year 2016, dollars) GDP Deflator 2016 2017 2018

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5. Real versus nominal GDP Consider a simple economy that produces two goods: plastic cups and seltzers.

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Matching Supply with Demand An Introduction to Operations Management

5. Real versus nominal GDP Consider a simple economy that produces two goods: plastic cups and seltzers.

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Matching Supply with Demand An Introduction to Operations Management

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