Formulas

Question 1

BIP Deflator

Answer 1

(Nominal GDP/Real GDP)*100

Question 2

GDP

Answer 2

C+I+G+NX

C=Personal Consumption
I= Business Investment
G= Government Spending
NX=Exports-Imports)

Question 3

Real GDP

Answer 3

Real GDP= Nominal GDP/D

Question 4

Average Product of Labor

Answer 4

total product
(TP) divided by the total quantity of labor. It is the average amount of output each worker
can produce

The average product curve and marginal product (MP) curve intersect at the
maximum average product.