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Answered: - Consider a simple economy that produces two goods: cupcakes and


Consider a simple economy that produces two goods: cupcakes and envelopes. The following table shows the prices and quantities for the goods over a three-year period.

2010 2 115 5 175
2011 4 150 2 180
2012 1 100 2 160


Use the information from the previous table to fill in the following table.

2010
2011
2012


From 2011 to 2012, nominal GDP, and real GDP.

The inflation rate in 2012 was.

Why is real GDP a more accurate measure of an economy's production than nominal GDP?

Real GDP includes the value of exports, but nominal GDP does not. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP does not include the value of intermediate goods and services, but nominal GDP does.


 


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