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Mac3: CPI, nominal/real GDP, econ. growth, per capita GDP

Last updated about 6 years ago

5 questions

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Question 1

1.

A price index that measures the change in prices over time that consumers pay for a market basket of goods and services is called:

GDP deflator

CPI

FBI

PPI

Question 2

2.

What's the difference between nominal GDP and real GDP?

Real GDP measures output using current prices and therefore has not been adjusted for inflation.

Real GDP doesn't use prices in its calculation.

Nominal GDP measures output using current prices and therefore has not been adjusted for inflation.

Nominal GDP measures output using constant prices and therefore has been adjusted for inflation.

Question 3

3.

Why is it important that a nation experience economic growth?

Because growth is better than no growth.

Because economic growth leads to a higher standard of living

So we can brag about how much GDP we produce.

Because it's important to be number one.

Question 4

4.

According to the real GDP percentage growth chart above which quarter/year saw the slowest growth?

Q4 of 2015

Q4 of 2017

Q4 of 2019

Q4 of 2018

Question 5

5.

How is real GDP per capita calculated?

real GDP times the population

real GDP divided by population

real GDP divided by civilian labor force

nominal GDP times population