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Formulas needed for Unit 2 of AP Macro Economics

1

GDP

C + I + G + (X - M)

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2

Labor force

employed + unemployed

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3

Unemployment rate

(unemployed/labor force) x 100

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4

Unemployment

NRU + cyclical

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5

CPI

(price of a market basket in a given year/price of a market basket in the base year) x 100

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6

GDP deflator

(nominal GDP/real GDP) x 100

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7

Inflation rate

(CPI in year later - CPI in year earlier)/CPI in year earlier x 100

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8

Percent change in real wages

percent change in nominal wages - inflation rate

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