Nominal vs Real GDP Formula Quiz

What is the difference between nominal GDP and real GDP?

In the Real-to-Nominal formula, what does the nominal value of an economic variable depend on?

If the price of apples increases from $0.50 to $0.55 per pound and the quantity produced of apples increases, what will happen to the real output of apples?

In Year 2, if the price of xylophones increases from $10 to $12 and the quantity produced also increases, what impact will this have on the nominal GDP compared to the previous year?

How is nominal output different from real output?

What economic concept is used to calculate the growth rate of a variable over time?

Which economic statistic is measured using actual market prices and is not adjusted for inflation?

What is the process called by which capital ages and loses value?

Which of the following represents all income to businesses and individuals?

If an economic statistic is measured after being adjusted for inflation, it is known as?

Which value is calculated by taking Gross National Product (GNP) and subtracting the value of depreciation?

If unwary analysts compared nominal GDP in different years without considering inflation, what might happen according to the text?

What is needed to measure changes in output by extracting the increase in prices from nominal GDP?

When converting nominal figures to real figures, what should be done to the published price index?

How is the nominal value of output calculated?

What is a two-digit decimal number used as a price index?

In a business cycle, what is the lowest point of output before a recovery begins known as?

Which term refers to the relatively short-term movement of the economy from recession to expansion?