AP Macro Unit 2 Formulas

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11 Terms

1
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% Change in GDP (inflation rate)

(year 2 - year 1) Ă· year 1

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Gross Domestic Product

C + I + G + Xn

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Real GDP

current year production Ă— base year price

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real GDp per capital

real GDP Ă· total population

5
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consumer surplus

buyer's maximum - price

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producer surplus

price - seller's minimum

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unemployment rate

(# unemployed Ă· # in labor force) Ă— 100

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Natural Rate of Unempoyment

structural + frictional

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Consumer Price Index

(Price of Market Basket Ă· Price of Market Basket in base year) Ă— 100

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GDP Deflator

(Nominal GDP Ă· Real GDP) Ă— 100

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M Ă— V

P Ă— Y