Econ Exam 3
Multiple Choice
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14 Terms
Real GDP formula
Q t • P base
Real GDP Per Capita Formula
Real GDP / Population
CPI in year t formula
Cost of fixed basket at prices of year t / Cost of fixed basket at prices of the base year • 100
Inflation Rate Year t formula
Normal Income / Consumer Price Index • 100
GDP definition
The market value of all final goods & services produced in an economy in a fixed period of outcome
Nominal GDP definition
Measure in GDP in which the quantities produced are valued at current year prices
Intermediate Goods definition
Goods that are used to build or make another product that will be subsequently sold
NGDP formula
Q current • P current
RGDP formula
Q current • P base
GDP formula
C + I + G + NX
MRP formula
🔺TR \ 🔺Q of resource
MRC formula
🔺TC / 🔺Q of Resource
MRP Formula
MP • P
Real Wage definition
The quantity of goods & services that can be bought with the ones normal wage
