Essential Formulas

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9 Terms

1
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GDP (Y)

C+I+G+X_n

2
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Unemployment Rate (UR)

(unemployed/the labor force)*100

3
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Labor Force Participation Rate (LFPR)

(labor force/popul. age 16 and above)*100

4
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Natural Rate of Unemployment (NRU)

(fictional + structural)

5
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Inflation Rate (IR)

((price in y2-price in y1)/price in y1)*100

6
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Consumer Price Index (CPI)

(total cost of basket currently/(total cost of basket in base yr.)*100

7
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MPC (Marginal Propensity to Consume) and MPS (Marginal Propensity to Save)

MPC+MPS=1

8
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The Tax Multiplier

=-(MPC/MPS)

9
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The Spending Multiplier

=1/MPS