Section 1 - Instruction

Engagement Message

Let's quickly recap. GDP only includes final goods and services to avoid double-counting. We also distinguish between Nominal GDP (using current prices) and Real GDP (using constant base-year prices) to see true economic growth. Are you ready to practice these concepts?

Section 2 - Practice

Type

Multiple Choice

Practice Question

A bakery buys flour for $50, eggs for $20, and sells bread for $100. What is the total contribution to GDP?

A. $170 B. $120 C. $100 D. $50

Suggested Answers

  • A
  • B
  • C - Correct
  • D
Section 3 - Practice

Type

Sort Into Boxes

Practice Question

Sort these items into the correct category for GDP calculation.

Labels

  • First Box Label: Final Good
  • Second Box Label: Intermediate Good

First Box Items

  • Replacement tires bought by consumer
  • New house
  • New laptop

Second Box Items

  • Tires for factory
  • Lumber for house
  • Computer chip
Section 4 - Practice

Type

Fill In The Blanks

Markdown With Blanks

An economy produces 10 cars at $20,000 in Year 1. In Year 2, it produces 12 cars at $22,000. Using Year 1 as the base year:

Year 2 Nominal GDP is [[blank:264,000]240,000]].

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