• 2.4: Calculating Nominal GDP vs. Real GDP

    • Khan Academy: "GDP Deflator" URL

      Watch this lecture about the GDP deflator.

    • Khan Academy: "Example Calculating Real GDP with a Deflator" URL

      Watch this lecture about calculating real GDP with a deflator. This is one among many approaches to removing the effect of inflation from nominal or current values. Watch for other approaches, some of which draw from a base broader or narrower relative to that under current consideration.

    • OpenStax College: "Macroeconomics, Chapter 6.1: Measuring the Size of the Economy: Gross Domestic Product" File

      Read this chapter to review GDP calculations. In addition, you will gain a foundation to support your forthcoming focus on inflation concept and its measurements. Be sure to complete the problems presented in this section.

    • Khan Academy: "Real GDP and Nominal GDP" URL

      Watch this lecture, which discusses real and nominal GDP.

    • Nominal GDP and Real GDP Quiz

      Please attempt this quiz as a way to check your understanding of nominal GDP, real GDP, and growth rates.

      Notes:

      • There is no minimum required score to pass this assessment, and your score on this assessment will not factor into your overall course grade.
      • This assessment is designed to prepare you for the Final Exam that will determine your course grade. Upon submission of your assessment you will be provided with the correct answers and/or other feedback meant to help in your understanding of the topics being assessed.
      • You may attempt this assessment as many times as needed, whenever you would like.