Podcast
Questions and Answers
What was the nominal GDP in 2021?
What was the nominal GDP in 2021?
- $255,750 (correct)
- $190,250
- $1
- $134.4
What is Real GDP?
What is Real GDP?
- $190,250 (correct)
- $1
- $255,750
- $134.4
How is the GDP deflator calculated?
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?
According to Robert Kennedy's criticism, what does GDP fail to measure?
What does GDP not value according to the text?
What does GDP not value according to the text?
What can a large GDP enable a country to afford?
What can a large GDP enable a country to afford?
What does the GDP deflator measure?
What does the GDP deflator measure?
Which year had the highest GDP deflator based on the data provided?
Which year had the highest GDP deflator based on the data provided?
What is the formula for calculating the GDP deflator?
What is the formula for calculating the GDP deflator?
What does nominal GDP represent?
What does nominal GDP represent?
In 2020, what was the inflation rate based on the provided data?
In 2020, what was the inflation rate based on the provided data?
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?
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?
What is the key difference between nominal GDP and real GDP?
What is the key difference between nominal GDP and real GDP?
In the context of calculating nominal GDP, what does the formula $P imes Q$ represent?
In the context of calculating nominal GDP, what does the formula $P imes Q$ represent?
How does real GDP differ from nominal GDP in terms of inflation correction?
How does real GDP differ from nominal GDP in terms of inflation correction?
What does the change in real GDP reflect in terms of economic analysis?
What does the change in real GDP reflect in terms of economic analysis?
Why is nominal GDP valuable for assessing economic performance?
Why is nominal GDP valuable for assessing economic performance?
How does real GDP help in understanding the true growth of an economy?
How does real GDP help in understanding the true growth of an economy?