Real GDP

What is the total value of all final goods and services produced in the economy calculated using the prices of a selected base year?

• Nominal GDP

• Real GDP per capita

• Real GDP

• GDP per capita

How do countries use real GDP to calculate growth?

• They calculate the % change in real GDP from one period to the next

• They calculate the difference in GDP from the past two calendar years

• They calculate the sum of GDP from the past two calendar years

• They compare percentages to other countries and calculate the country's ranking

Real GDP is obtained by

• Nominal GDP minus GDP deflator.

• Nominal GDP divided by GDP deflator multiplied by 100.

• Nominal GDP multiplied by price level.

• Nominal GDP divided by CPI.

According to the data above, in which year was the real gross domestic product (GDP) the largest?

• 1980

• 1990

• 2000

• 2010

• 2015

What is the difference between real GDP and nominal GDP?

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

• real GDP is accurate to thousands, while nominal GDP is accurate to millions

• real GDP is current, nominal GDP is constant

The total value of goods produced and services provided in a country during one year.

• Command Economy

• Developed Country

• Gross Domestic Product

• Economic Producer

The total value of all final goods and services produced in a country in a given year.

• Gross Domestic Product

• Consumer Price Index

• Inflation

• Unemployment

Is this counted in the GDP of the US?

Cars made by a Japanese company in California.

• Yes

• No

real GDP is same as

• nominal GNP

• GDP at current prices

• GDP at constant prices

• GNP less net factor income from abroad

Which of the following is the best measurement of economic growth?

• Nominal GDP

• Real GDP

• GDP per capita

• Real GDP per capita