Consider a simple economy that produces two goods: beers and paper plates. The following table shows the prices and quantities of the goods over a three-year period. Beers Paper plates Price Quantity Price Quantity Year (Dollars per beer) (Number of beers) (Dollars per paper plate) (Number of paper plates) 2019 200 155 2020 130 200 2021 120 190 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? Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. 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. Real GDP is not influenced by price changes, but nominal GDP Is