Formulas Flashcards
1
Q
Compensation formula
A
Damage caused x insured
——–
Building
2
Q
Balance of trade
A
Visible exports - visible imports
3
Q
Balance on the current account
A
Balance of trade plus/minus the difference between visible exports and imports
4
Q
Inflation
A
The increase in prices in yr 2 divided by the level of prices in yr 1 x 100
5
Q
GDP
A
Number of goods produced in 1 yr X average price or unit
6
Q
Average clause
A
Sum insured
—————— X Loss
True value
7
Q
Overtime
A
Hourly rates X (st) hours + overtime rate + overtime hours
