Copyright

The GDP Deflator and Consumer Price Index Video

Instructions:

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

question 1 of 3

If the consumer price index is equal to 100 in year 1, and 103 in year 2, what does this mean?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 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. Why is the GDP deflator considered superior to the consumer price index?

2. If the nominal GDP is $5 trillion in year 1, and the real GDP is $4.5 trillion, what is the GDP deflator?

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

You will be assessed on your ability to calculate price change via the Consumer Price Index and GDP Deflator, the relationship between the two, and how each work.

Quiz & Worksheet Goals

These assessments will help you indicate :

  • The superior of the two gauges
  • What each gauge represents
  • How each gauge works

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on the GDP Deflator and Consumer Price Index
  • Information recall - access the knowledge you've gained regarding our economic structure
  • Critical thinking - apply relevant concepts to examine information about price change in a different light

Additional Learning

If you want to learn more about price change, check out the accompanying lesson titled The GDP Deflator and Consumer Price Index. Areas covered include:

  • Application of the Consumer Price Index
  • Application of the GDP Deflator
  • Accuracy of both gauges
  • Formulas for each gauge
Support