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please solve with explanation Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and quantities of the

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Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and quantities of the goods over a three year period. Pencils Envelopes Price Quantity Price Quantity Year (Dollars per pencil) (Number of pencils) (Dollars per envelope) (Number of envelopes) 2016 150 160 2017 135 230 2018 110 165 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollar) (Base year 2016, dollars) GDP Deflator 2016 2017 2018 From 2017 to 2018, nominal GDP and real GDP The Inflation rate in 2018 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GOP 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. O Real GDP is not influenced by price changes, but nominal GDP is, O Real GDP does not indude the value of Intermediate goods and services, but nominal GDP does. 40 F Cloudy

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