Real GDP

What is the formula for calculating real GDP according to the base year?

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What does GDP stand for in the context of price indexes?

• Goods Delivered Price

• Gross Domestic Product

• General Demand Price

• Government Department of Pricing

What happens to price, real GDP and unemployment when Bad weather destroys agricultural output

What happens to price, real GDP and unemployment when Consumer confidence improves

Which type of GDP accounts for inflation and is therefore the MOST accurate?

• Nominal

• Growth

• Real

• Non-Market

Which of the following is true of real GDP? 

• It is adjusted for changes in prices; like inflation

• It is always equal to the nominal GDP

What is real GDP?

• A measure of a country's economic output adjusted for price changes

• The total value of goods and services produced in a country

• The total income of a country's residents

• The total expenditure of a country's government

Why is real GDP considered a better measure of economic growth than nominal GDP?

• It accounts for inflation

• It includes all types of goods and services

• It measures only domestic production

• It is easier to calculate

Which of the following factors can cause real GDP to increase?

• An increase in consumer spending

• A decrease in government spending

• An increase in imports

• A decrease in exports

How does real GDP differ from nominal GDP?

• Real GDP is adjusted for inflation, while nominal GDP is not

• Real GDP includes only goods, while nominal GDP includes services

• Real GDP is measured in current prices, while nominal GDP is in constant prices

• Real GDP is always higher than nominal GDP