Real versus nominal GDPConsider a simple economy that produces two goods: stickers and seltzers. The following table shows the prices and quantities of the goods over a three-year period.

Homework (Ch 10) Stickers Seltzers Price Quantity Price Quantity Year (Dollars per sticker) (Number of stickers) (Dollars per seltzer) (Number of seltzers) 2018 2 265 160 2019 135 230 NN A A 2020 135 180 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 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. Real GDP includes the value of exports, but nominal GDP does not