real versus nominal GDP 5. Real versus nominal GDP Consider a simple economy that produces two goods: plastic cups and enamel pins. The following table shows the prices and quantities of the goods over a three-year period. Use the information from the preceding table to fill in the following table. From 2021 to 2022 , nominal GDP , and real GDP The

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real versus nominal GDP
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5. Real versus nominal GDP Consider a simple economy that produces two goods: plastic cups and enamel pins. The following table shows the prices and quantities of the goods over a three-year period. Use the information from the preceding table to fill in the following table. From 2021 to 2022 , nominal GDP , and real GDP The inflation rate in 2022 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 does not include the value of intermediate goods and services, but nominal GDP does.

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