AP Macroeconomics
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11 Terms
GDP is defined as the total market value of all __ produced within a country in a given time period.
final goods and services
The __ Approach calculates GDP as C + I + G + Xn.
Expenditure
The formula for the GDP deflator is __.
GDP Deflator = (Nominal GDP / Real GDP) × 100
Real GDP equals Nominal GDP divided by the __, multiplied by 100.
Deflator
High inflation reduces __ power.
purchasing
The Consumer Price Index (CPI) is calculated using the formula __.
CPI = (Cost of Market Basket Today / Cost of Basket in Base Year) × 100
The __ rate is calculated as Unemployed / Labor Force × 100.
Unemployment
According to Okun's Law, a 1% change in cyclical unemployment leads to a __% opposite change in GDP.
2
MPC + __ = 1.
MPS
The Spending Multiplier formula is __.
Spending Multiplier = 1 / MPS
The Tax Multiplier can also be calculated as Spending Multiplier - __.
1
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