AP Macroeconomics
Studied by 0 people
View linked note
Call with Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/10
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No study sessions yet.
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
Flashcards (127)