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