Nominal GDP: Definition & Formula


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question 1 of 3

Which one of the following is the best explanation for nominal GDP?

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1. What's a major problem using nominal GDP as a measure of national economic output?

2. If you are calculating nominal GDP based upon the difference between the value of finished goods and services and the value of intermediate goods and services put into the finished goods and services, what method of calculation are you using?

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About This Quiz & Worksheet

This quiz and corresponding worksheet can help you gauge your understanding of nominal GDP and the way in which it is calculated. You will be quizzed on real GDP and formulas used to find nominal GDP.

Quiz & Worksheet Goals

This quiz and worksheet combo can help you review:

  • Problems associated with the use of nominal GDP
  • Calculating nominal GDP
  • The GDP calculation approach that involves adding up payments, depreciation and indirect taxes
  • The nominal GDP calculation method that refers to consumption and investment

Skills Practiced

Use these assessment tools to test out these skills:

  • Interpreting information - verify that you can read information regarding the process of calculating nominal GDP and interpret it correctly
  • Information recall - access the knowledge you have gained regarding the best explanation for nominal GDP
  • Reading comprehension - ensure that you draw the most important information from the related nominal GDP lesson

Additional Learning

To learn more about nominal GDP, check out the corresponding lesson titled, Nominal GDP: Definition & Formula. This lesson will help you:

  • Identify formulas used to calculate nominal GDP
  • Compare and contrast the expenditure approach and the income approach
  • Examine how to use the value-added approach