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Cupcakes Oranges Price Quantity Price Quantity Year (Dollars per cupcake) (Number of cupcakes) (Dollars per orange) (Number of oranges) 2018 115 175 2019 150 180
Cupcakes Oranges Price Quantity Price Quantity Year (Dollars per cupcake) (Number of cupcakes) (Dollars per orange) (Number of oranges) 2018 115 175 2019 150 180 2020 100 160 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2018, dollars) GDP Deflator 2018 2019 2020 From 2019 to 2020, nominal GDP , and real GDP The inflation rate in 2020 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP is not influenced by price changes, but nominal GDP is. O Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. O Real GDP includes the value of exports, but nominal GDP does not
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