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Dr. Lopez is assessing how well new drivers recognize road signs from far away. He does this by testing their eyesight, as well as how they perform on a driving simulation task. Their eyesight scores are highly correlated with the number of errors they make on the driving task. Participants generally score the same on each test when they take them again. It seems that the measures Dr. Lopez is using are
Real GDP
measures the value of all final goods and services produced within a country's borders in a given time period, adjusted for inflation.
GDP Measures
Various methods of calculating the Gross Domestic Product, such as the expenditure approach, income approach, and production (or output) approach.
GDP Deflator
An evaluation system for the cost of all new, nationally generated, final goods and services within an economic context.
Real GDP
Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced by a country in a given year in constant prices.