This is for macroeconomics. Real versus nominal GDP.

5. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and muffins. The following table shows the prices and quantities of the goods over a three-year period. Pencils Muffins Price Quantity Price Quantity Year (Dollars per pencil) (Number of pencils) (Dollars per muffin) (Number of muffins) 2016 2 115 5 175 2017 150 N 180 2018 100 N 160 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2016, dollars) GDP Deflator 2016 2017 2018Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2016, dollars) GDP Deflator 2016 2017 2018 From 2017 to 2018, nominal GDP V 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? 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