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Calculating Nominal GDP Quiz

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Questions and Answers

What was the nominal GDP in 2021?

$255,750 (correct)

$190,250

$134.4

What is Real GDP?

$190,250 (correct)

$255,750

$134.4

How is the GDP deflator calculated?

(Nominal GDP) - (Real GDP)

100 x Real GDP/Nominal GDP

(Real GDP) - (Nominal GDP)

100 x (Nominal GDP)/(Real GDP) (correct)

According to Robert Kennedy's criticism, what does GDP fail to measure?

Devotion to country Signup and view all the answers

What does GDP not value according to the text?

The quality of the environment Signup and view all the answers

What can a large GDP enable a country to afford?

Better schools and healthcare Signup and view all the answers

What does the GDP deflator measure?

The current level of prices relative to the level of prices in the base year Signup and view all the answers

Which year had the highest GDP deflator based on the data provided?

2021 Signup and view all the answers

What is the formula for calculating the GDP deflator?

$100 \times \frac{Nominal<del>GDP}{Real</del>GDP}$ Signup and view all the answers

What does nominal GDP represent?

GDP without accounting for inflation Signup and view all the answers

In 2020, what was the inflation rate based on the provided data?

11.1% Signup and view all the answers

If nominal GDP in a year is $15,000 and real GDP is $12,000, what would be the GDP deflator for that year according to the formula?

$125.0 Signup and view all the answers

What is the key difference between nominal GDP and real GDP?

Nominal GDP values output using current prices, while real GDP values output using base year prices. Signup and view all the answers

In the context of calculating nominal GDP, what does the formula $P imes Q$ represent?

Total spending on the good or service Signup and view all the answers

How does real GDP differ from nominal GDP in terms of inflation correction?

Real GDP adjusts for inflation, while nominal GDP does not. Signup and view all the answers

What does the change in real GDP reflect in terms of economic analysis?

Change in quantities only Signup and view all the answers

Why is nominal GDP valuable for assessing economic performance?

It provides a measure of output using current market prices. Signup and view all the answers

How does real GDP help in understanding the true growth of an economy?

By adjusting for inflation and focusing on changes in quantities produced Signup and view all the answers