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Gross Domestic Product: How to Calculate Real GDP

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

How is real GDP calculated?

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1. How is nominal GDP calculated?

2. What is the benefit of using Real GDP?

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About This Quiz & Worksheet

This quiz and worksheet can assess your understanding of real GDP and how it's calculated. You will be quizzed on terms like real GDP and nominal GDP.

Quiz & Worksheet Goals

These assessment tools can help assess your knowledge of:

  • Calculating real GDP and nominal GDP
  • Benefits of real GDP
  • Reasons economic output can increase

Skills Practiced

This quiz and worksheet combo can help you practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related macroeconomics lesson
  • Information recall - access the knowledge you have gained regarding the drawbacks of nominal GDP
  • Knowledge application - use what you've learned to identify the respective formulas for calculating real and nominal GDP

Additional Learning

To learn more about real GDP, review the accompanying lesson titled Gross Domestic Product: How to Calculate Real GDP. This lesson will help you:

  • Define the nominal gross domestic product
  • Compare and contrast real GDP and nominal GDP
  • Calculate real GDP
  • Identify why real GDP is used
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