Use the information from the preceding table to fill in the following table.Year202020212022Nominal GDP(Dollars)Real GDP(Base year 2020, dollars) GDP DeflatorFrom 2021 to 2022, nominal GDPThe inflation rate in 2022 wasand real GDPWhy 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 andservices en economy consumes.Nominal GDP is adjusted for the effects of inflation or deflaten, whereas real GDP is not.Real GDP is not influenced by price changes, but nominal GDP is. 5. Real versus nominal GDPConsider a simple economy that produces two goods: coffees and paper plates. The following table shows the prices and quantities of the goods over athree-year period.20212022PriceQuantityPriceYear (Dollars per coffee) (Number of coffees) (Dollars per paper plate)20203210150125Year2020Use the information from the preceding table to fill in the following tableReal GDP(Base year 2020, dollars) GDP Deflator2021220223CoffeesNominal GDP(Dollars)From 2021 to 2022, nominal GDPThe Inflation rate in 2022 wasPaper platesand real GOPWhy is real GDP a more accurate measure of an economy's production than nominal GDP?Quantity(Number of paper plates)180200180

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Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Year 2020 2021 2022 Real GDP (Base year 2020, dollars) From 2021 to 2022, nominal GDP The Inflation rate in 2022 was GDP Deflator , and real GDP Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services en economy consumes O Nominal GDP is adjusted for the effects of inflation or deflaten, whereas real GDP is not. Real GDP is not influenced by price changes, but nominal GDP is.