Real Output, Price Level and the Real Gross Domestic Product Video

Instructions:

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question 1 of 3

How do increases in the price level impact GDP?

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1. How do real GDP and nominal GDP differ?

2. What is the equation for the GDP deflator?

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About This Quiz & Worksheet

This quiz and worksheet will test your ability to analyze GDP as an economic indicator. Topics you'll need to know to pass the quiz include understanding how increases in price levels impact GDP as well as knowing the difference between real and nominal GDP.

Quiz & Worksheet Goals

Students will be tested on:

  • How price levels affect GDP
  • Difference between real and nominal GDP
  • GDP deflator equation
  • Calculating a GDP problem
  • Definition of inflation

Skills Practiced

  • Interpreting information - verify you can read information regarding how price levels affect GDP and interpret it correctly
  • Problem solving - use acquired knowledge to solve a GDP problem
  • Distinguishing Differences - compare and contrast topics from the lesson, such as real and nominal GDP

Additional Learning

To learn more about how to test your country's economic health, review the corresponding lesson called Real Output, Price Level and the Real Gross Domestic Product. This lesson will help you:

  • Understand what gross domestic product is
  • Describe why factoring for inflation is important
  • Explain how real output affects GDP
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