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11th -
12thgrade
Module 11: Interpreting Real Gross Domestic Product
5 questions
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- 1. Open Ended
What are the three different ways to calculate the GDP?
- 2. Open Ended
How do you calculate the GDP following the expenditure approach?
- 3. Multiple Choice
If the price level in the economy and nominal wages both doubled, then real wages would:
increase by 50%.
decrease by 20%.
decrease by 50%.
remain unchanged.
- 4. Multiple Choice
Use this table to answer the following question. Considering Year 1 as the base year, real GDP in Year 2 was:
$47,000.
$69,000.
$72,000.
$114,000.
- 5. Multiple Choice
Real GDP is nominal GDP adjusted for:
double counting.
changes in prices.
population.
imports.
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