Econ Flashcards by Ivanka Richelieu

Q

Inflation Rate

A

CPI yr 2 - CPI yr 1/ CPI yr 1 x 100

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Q

Real GDP

A

Nominal
GDP/ GDP Deflator x

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Q

Unemployment rate

A

number unemployed / labour force

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Q

Okun’s law

A

Actual GDP x (unemployment - natural) x 2/ 100

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Q

Real GDP growth rate

A

(Real GDP yr 2 - Real GDP yr 1)/ Real GDP yr 1

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