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.

1 a. US GDP was 14,419 billion in 2009 and 14,964 billion in 2010. What was the percentage increase in GDP over this period? Show your work. 1 b. Inflation between 2009 and 2010 was 1.2 percent. What was the approximate percentage growth in real GDP? 2. According to the Bureau of Economic Analysis in the U.S. Census Bureau, what was US GDP in 2017, in billions of current dollars? 3. Approximately when did the most recent U.S. recession occur?

So far, we have learned to measure real GDP, but how do we end up with that real GDP? Of all of the different amountsof national income and price levels that might exist, how do we gravitate toward the one that gets measured each year asreal GDP?In short, it is the interaction of the buyers and producers of all output that determines both the national income (real GDP)and the price level. In other words, the intersection of aggregate demand (AD) and short-run aggregate supply (SRAS)determines the short-run equilibrium output and price level.Once we have a short-run equilibrium output, we can then compare it to the full employment output to figure out where inthe business cycle we are. If current real GDP is less than full employment output, an economy is in a recession. If currentreal GDP is higher than full employment output, an economy is experiencing a boom. If the current output is equal to thefull-employment output, then we say that the economy is in long-run equilibrium. The…

a. Using the following table to calculate GDP price deflator in 2021 and 2022, and the change in overall price level from 2021 to 2022 nominal GDP in 2021 was $104,000 in 2022 was $112,000 real GDP in 2021 was $84,000 and in 2022, $88,000 b. Consider an economy, only producing two good Apple and orange in both year one need to Ken the real GDP of this economy, increase between one and two, while the nominal GDP decreases or remain the same explain your answer with a numerical example   Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Consider a simple economy that produces two goods: plastic cups and donuts. The following table shows the prices and quantities of the goods over a three-year period. Plastic cups Donuts Price Quantity Price Quantity Year (Dollars per plastic cup) (Number of plastic cups) (Dollars per donut) (Number of donuts) 2018 2 215 3 155 2019 4. 135 3 210 2020 2 150 3 190 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year 2018, dollars) GDP Deflator Year 2018 2019 2020 From 2019 to 2020, nominal GDP and real GDP The inflation rate in 2020 was