Copyright

Real GDP: Definition & Formula

Instructions:

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

question 1 of 3

What is the definition of real GDP?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 75,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime.
Already registered? Log in here for access

1. What is the difference between nominal GDP and real GDP?

2. What term means 'the rate at which prices rise'?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

This quiz and corresponding worksheet gauge your understanding of real GDP and how it is calculated. Topics you will need to know for the quiz include differences between real GDP and nominal GDP.

Quiz & Worksheet Goals

Use this quiz and worksheet to review the following:

  • Definition of real GDP
  • Differences between nominal GDP and real GDP
  • Rate at which prices rise
  • Variables required for the real GDP formula

Skills Practiced

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

  • Information recall - access the knowledge you have gained regarding the definition of real GDP
  • Distinguishing differences - compare and contrast main concepts, such as real GDP and nominal GDP
  • Knowledge application - use your knowledge to answer questions about the real GDP formula

Additional Learning

To learn more, review the corresponding lesson titled Real GDP: Definition & Formulae. This lesson covers the following objectives:

  • Define real GDP
  • Compare and contrast real GDP and nominal GDP
  • Calculate the real GDP
  • Identify components of the formula used to calculate real GDP
Support