Unit 2 Equations Flashcards by Whitney F

Q

Real GDP

A

(Nominal GDP/GDP Deflator) *100

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Q

Nominal GDP

A

(Real * Deflator) / 100

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Q

% change in GDP

A

(GDP2-GDP1)/GDP1 * 100

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Q

Consumer Price Index

A

(Market basket current year/base year market basket)*100

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Q

Inflation Rate

A

(currentCPI-baseCPI)/CPI base *100

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Q

Unemployment Rate

A

umemployed/# in labor force * 100

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Q

Labor Force Participation

A

Labor force/working age * 100

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Q

GDP Deflator

A

Nominal/Real * 100

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Q

Income Approach

A

GDP = rent + wages + interest + profits

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Q

Expenditures

A

GDP = C + I + G + (X-M)

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Q

Cyclical

A

Actual - NRU

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Q

NRU

A

(F+S)/LF

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