Unit 2 Equations Flashcards
1
Q
Real GDP
A
(Nominal GDP/GDP Deflator) *100
2
Q
Nominal GDP
A
(Real * Deflator) / 100
3
Q
% change in GDP
A
(GDP2-GDP1)/GDP1 * 100
4
Q
Consumer Price Index
A
(Market basket current year/base year market basket)*100
5
Q
Inflation Rate
A
(currentCPI-baseCPI)/CPI base *100
6
Q
Unemployment Rate
A
umemployed/# in labor force * 100
7
Q
Labor Force Participation
A
Labor force/working age * 100
8
Q
GDP Deflator
A
Nominal/Real * 100
9
Q
Income Approach
A
GDP = rent + wages + interest + profits
10
Q
Expenditures
A
GDP = C + I + G + (X-M)
11
Q
Cyclical
A
Actual - NRU
12
Q
NRU
A
(F+S)/LF
