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What is the formula for calculating GDP?
GDP = PxQ, where P is price and Q is quantity.
What components make up Nominal GDP?
Nominal GDP is calculated as C + I + G + (X - IM), where C is consumption, I is investment, G is government spending, X is exports, and IM is imports.
How does Nominal GDP differ from Real GDP?
Nominal GDP uses current year prices, while Real GDP uses prices from a previous year (base year).
What is the formula for calculating the GDP deflator?
GDP deflator = (Nominal GDP / Real GDP) x 100.
How is GDP per Capita calculated?
GDP per Capita = Real GDP / country population.
What is the formula for calculating the Unemployment Rate?
Unemployment Rate = 100 x (unemployed / labor force).
What is the Labor Force Participation Rate?
Labor Force Participation Rate = 100 x (Labor Force) / (civilian population aged 16 and over).
What constitutes the Labor Force?
Labor Force = Unemployed + Employed.
What is the Natural Rate of Unemployment?
Natural Rate of Unemployment = frictional unemployment + structural unemployment.
What is the formula for calculating Inflation?
Inflation = (price 2 - price 1) / price 1 x 100.
What does Real Income represent?
Real Income is adjusted for inflation, reflecting purchasing power.
How is a Price Index calculated for a given year?
Price Index = 100 x (Market Basket in current year / Market Basket in base year).