Real vs Nominal GDP

Question 1

Nominal GDP

Answer 1

Total dollar value of the final output produced within a nation’s borders in a given time period

Question 2

Real GDP

Answer 2

Total quantity of output adjusted for inflation

Question 3

How to Find Nominal GDP

Answer 3

Nominal GDP= (GDP Deflator/100) * Real GDP

Question 4

How to Find Real GDP

Answer 4

(Nominal GDP * GDP Deflator) * 100

Question 5

How to Find GDP Deflator

Answer 5

GDP Deflator=(Nominal GDP/Real GDP) *100

Question 6

GDP Equation

Answer 6

GDP = C+I+G+ Net Exports(Exports-Imports)