Understanding Gross Domestic Product (GDP)

Q7 Intermediate 2 pts

What is the difference between nominal GDP and real GDP? Video Reference:
"There is also nominal GDP and real GDP. Nominal GDP is measured in current prices. Real GDP is measu..."

Timestamp: 2:45

Nominal GDP is measured in current prices, while real GDP is measured in constant prices adjusted for inflation Nominal GDP only includes consumer goods and services, while real GDP includes all final goods and services Nominal GDP measures the total value of production, while real GDP measures the total number of goods and services produced There is no difference, they are just different terms for the same thing

Understanding Gross Domestic Product (GDP)

What does the 'D' in GDP stand for? Video Reference:
"Gross means total, domestic means within a country's borders, and product means the value of all goo..."

Timestamp: 0:15

Which of the following are considered 'final goods' for the purpose of calculating GDP? Video Reference:
"There are also goods that are used to make other goods but are still considered final goods. These a..."

Timestamp: 0:45

True or False: GDP only counts the production of goods and services within a country's borders. Video Reference:
"For example, if you are in the United States and buy a shirt imported from Vietnam, that adds to Vie..."

Timestamp: 1:15

Which of the following are limitations of using GDP as a measure of economic health? Video Reference:
"GDP also doesn't measure unintended negative externalities. For example, a power plant that creates ..."

Timestamp: 2:00

True or False: GDP per capita is calculated by dividing a country's GDP by its population. Video Reference:
"To get GDP per capita you just take a country's GDP and divide by its population...."

Timestamp: 2:30

Which of the following is NOT a reason why GDP may not accurately reflect the health of an economy? Video Reference:
"GDP counts goods and services even when those goods and services are created after disasters. For ex..."

Timestamp: 2:15

What is the difference between nominal GDP and real GDP? Video Reference:
"There is also nominal GDP and real GDP. Nominal GDP is measured in current prices. Real GDP is measu..."

Timestamp: 2:45

Which of the following are considered 'final goods' for the purpose of calculating GDP? Video Reference:
"A final good is one that will not be sold again as part of some other good. If a baker buys flour, s..."

Timestamp: 0:30

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Source Video

Understanding Gross Domestic Product (GDP)

What does the 'D' in GDP stand for? Video Reference: "Gross means total, domestic means within a country's borders, and product means the value of all goo..." Timestamp: 0:15

Which of the following are considered 'final goods' for the purpose of calculating GDP? Video Reference: "There are also goods that are used to make other goods but are still considered final goods. These a..." Timestamp: 0:45

True or False: GDP only counts the production of goods and services within a country's borders. Video Reference: "For example, if you are in the United States and buy a shirt imported from Vietnam, that adds to Vie..." Timestamp: 1:15

Which of the following are limitations of using GDP as a measure of economic health? Video Reference: "GDP also doesn't measure unintended negative externalities. For example, a power plant that creates ..." Timestamp: 2:00

True or False: GDP per capita is calculated by dividing a country's GDP by its population. Video Reference: "To get GDP per capita you just take a country's GDP and divide by its population...." Timestamp: 2:30

Which of the following is NOT a reason why GDP may not accurately reflect the health of an economy? Video Reference: "GDP counts goods and services even when those goods and services are created after disasters. For ex..." Timestamp: 2:15

What is the difference between nominal GDP and real GDP? Video Reference: "There is also nominal GDP and real GDP. Nominal GDP is measured in current prices. Real GDP is measu..." Timestamp: 2:45

Which of the following are considered 'final goods' for the purpose of calculating GDP? Video Reference: "A final good is one that will not be sold again as part of some other good. If a baker buys flour, s..." Timestamp: 0:30

Share This Quiz

Calculating Your Results...

Source Video

What does the 'D' in GDP stand for? Video Reference:
"Gross means total, domestic means within a country's borders, and product means the value of all goo..."

Timestamp: 0:15

Which of the following are considered 'final goods' for the purpose of calculating GDP? Video Reference:
"There are also goods that are used to make other goods but are still considered final goods. These a..."

Timestamp: 0:45

True or False: GDP only counts the production of goods and services within a country's borders. Video Reference:
"For example, if you are in the United States and buy a shirt imported from Vietnam, that adds to Vie..."

Timestamp: 1:15

Which of the following are limitations of using GDP as a measure of economic health? Video Reference:
"GDP also doesn't measure unintended negative externalities. For example, a power plant that creates ..."

Timestamp: 2:00

True or False: GDP per capita is calculated by dividing a country's GDP by its population. Video Reference:
"To get GDP per capita you just take a country's GDP and divide by its population...."

Timestamp: 2:30

Which of the following is NOT a reason why GDP may not accurately reflect the health of an economy? Video Reference:
"GDP counts goods and services even when those goods and services are created after disasters. For ex..."

Timestamp: 2:15

What is the difference between nominal GDP and real GDP? Video Reference:
"There is also nominal GDP and real GDP. Nominal GDP is measured in current prices. Real GDP is measu..."

Timestamp: 2:45

Which of the following are considered 'final goods' for the purpose of calculating GDP? Video Reference:
"A final good is one that will not be sold again as part of some other good. If a baker buys flour, s..."

Timestamp: 0:30