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Gross Domestic Product: Nominal vs. Real GDP

Instructions:

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

question 1 of 3

Real GDP evaluates _____ production at _____ prices.

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1. What is the value of using real GDP?

2. What is the nominal gross domestic product?

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About This Quiz & Worksheet

This quiz/worksheet combo can help assess your knowledge of real GDP and nominal GDP, and what makes them different. You will need to know terms like current production and domestic product to pass the quiz.

Quiz & Worksheet Goals

Use these assessment tools to assess your understanding of:

  • Why economists use real GDP
  • How economists measure current production
  • Nominal GDP
  • The value of using real GDP

Skills Practiced

  • Making connections - use understanding of the concept on nominal GDP
  • Distinguishing differences - compare and contrast topics from the lesson, such as nominal GDP and real GDP
  • Information recall - access the knowledge you have gained regarding the value of using real GDP

Additional Learning

To learn more about GDP, review the accompanying lesson Gross Domestic Product: Nominal vs. Real GDP. This lesson will help you:

  • Understand the differences between real GDP and nominal GDP
  • Identify the purposes of real GDP
  • Define nominal GDP
  • Determine how the gross domestic product is calculated
  • Learn about the two factors that can increase economic output
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