Real versus nominal GDP Module Three Quiz2. Real versus nominal GDPConsider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and quantities of the goods over athree-year period.Year201620172018Year201620172018Price(Dollars per pencil)123PencilsFrom 2017 to 2018, nominal GDPQuantity(Number of pencils)145Use the information from the preceding table to fill in the following table.Page 1 of 3 248 words165110Nominal GDPReal GDP(Dollars) (Base year 2016, dollars) GDP Deflator, and real GDPComorate Tax Ravenue LICEPrice(Dollars per envelope)2English (United States)44EnvelopesMooRock AirQuantity(Number of envelopes)195225165FocusQ Search thLS 20172018Year20162017201823Use the information from the preceding table to fill in the following table.Nominal GDPReal GDP(Dollars) (Base year 2016, dollars) GDP DeflatorFrom 2017 to 2018, nominal GDPThe inflation rate in 2018 wasPOUPage 1 of 3110, and real GDPWhy 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.O Real GDP is not influenced by price changes, but nominal GDP is.Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods andservices an economy consumes.Comorate Tax Doubous LIFE248 words IX English (United States)223MacBook Air165FocusE E0xA+125%

According to the question, it is given that : There is a simple Economy that produces two goods :…

2. Real versus nominal GDP 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. Year 2016 2017 2018 Year 2016 2017 2018 Price (Dollars per pencil) 1 2 3 Pencils Quantity (Number of pencils) 145 From 2017 to 2018, nominal GDP 165 110 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP (Dollars) (Base year 2016, dollars) GDP Deflator Price (Dollars per envelope) 2 , and real GDP Envelopes 4 4 Quantity (Number of envelopes) 195 225 165