FREE GDP Calculation Questions and Answers

Question 1

What is the real GDP in Year 3?

Accepted Answer

$4,000

Answer

$1,500

Answer

$2,000

Answer

$3,000

Question 2

What is the real GDP in Year 4?

Accepted Answer

$4,400

Answer

$2,500

Answer

$3,000

Answer

$5,000

Question 3

What is the real GDP per capita in Year 3?

Accepted Answer

$364

Answer

$750

Answer

$864

Answer

$1,300

Question 4

What is the real GDP per capita in Year 4?

Accepted Answer

$367

Answer

$260

Answer

$467

Answer

$870

Question 5

Calculate the nominal GDP for 2006:

Accepted Answer

$200

Answer

$300

Answer

$400

Answer

$500

Question 6

Using 2006 as the base year, calculate the real GDP for 2007.

Accepted Answer

$225

Answer

$200

Answer

$300

Answer

$325

Question 7

What is the GDP Deflator for Year 2?

Accepted Answer

135

Answer

105

Answer

136

Answer

142

Question 8

In Country Y, the quantity of smartphones produced in Year 1 was 20,000, and the price per smartphone was $500. In Year 2, the number of smartphones produced increased to 25,000, and the price per smartphone decreased to $450. What was the nominal GDP growth rate between Year 1 and Year 2?

Accepted Answer

12.50%

Answer

-5%

Answer

0%

Answer

5%

Question 9

In Country A, the nominal GDP in Year 1 was $500 billion, and the GDP deflator was 110. In Year 2, the nominal GDP increased to $550 billion, and the GDP deflator rose to 120. What was the real GDP growth rate between Year 1 and Year 2?

Accepted Answer

8%

Answer

9%

Answer

10%

Answer

11%

Question 10

In year one, nominal GDP is $5,000, while real GDP is $4,500. In year two, nominal GDP is $5,500, while real GDP is $4,800. Which of the following statements is TRUE?

Accepted Answer

Nominal GDP increased more than real GDP.

Answer

Real GDP increased more than nominal GDP.

Answer

Nominal and real GDP increased by the same amount.

Answer

Inflation was negative.