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Study Game - Topic 2.6

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Study Game - Topic 2.6

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Real v. Nominal GDP

Created by

Zachary Foust
Zachary Foust
United States

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Study Game - Topic 2.6
 

Study Game - Topic 2.6Online version

Real v. Nominal GDP

by Zachary Foust
1

The nation of Turboland produces only two goods, X and Y. The prices and final quantities produced of the two goods in 1993 and the base year of 1992 are shown in the table. What are the nominal GDP and real GDP in 1993?

2

In 2016 the nominal GDP for Foustland was $330 billion and the GDP deflator was 110. The real GDP for 2016 was:

3

Which of the following is true about the real GDP?

4

What is the value of the GDP deflator in the base year?

5

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

6

Assume that nominal GDP is $14,000, and the GDP deflator is 70. What is the value of real GDP?

7

Which of the following is an alternative measure of the price level?

8

Which of the following best indicates the actual amount of final goods and services produced in a country in a year?

9

Assume that real GDP remains unchanged, and nominal GDP triples. Which of the following must be true?

10

A decline in the GDP deflator indicates

11

What is nominal GDP?

12

What is real GDP?

 
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