Module 11

Question 1

Aggregate output

Answer 1

Total quantity of goods and services the economy produces

Measured via real gdp

Question 2

Real GDP

Answer 2

Total value of all final goods and services produced in the economy during a given year, calculated using prices of selected base year
GDP adjusted for inflation

Question 3

Nominal GDP

Answer 3

GDP at current prices, not adjusted for inflation

Question 4

Chain linking

Answer 4

Method for calculating changes in the real GDP using averages between growth rate calculated with early base year and late base year

Question 5

GDP per capita

Answer 5

GDP / population

Average GDP per person