GDP Quiz

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8 Terms

1
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What is the equation for GDP deflator

Nominal/Real * 100

2
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How to calculate real GDP growth

( real y2- real y1)/ real y1

3
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How to calculate Nom GDP Δ

Nominal y2- nominal y1 /nominal y1 × 100

4
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What is included in GDP

Consumer spending

Investment by business

Government Spending

Net Exports

5
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What is not included in real GDP

Illegal Activities

Non-product interaction (Buying Stock)

Intermediate/Used Goods (except Businesses like goodwill count)

6
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Does increasing inventories count in GDP

yes as investment for companies

7
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What is one way to calculate real GDP

(nominal GDP)/GDP deflator x 100

8
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How do you calculate output growth?

(Real GDP 2 -Real GDP 1)/Real GDP 1