AP Macro Semester 1 Review: Formulas

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10 Terms

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Labor participation rate

Employed + Seeking work

Working age, noninstitionalized population

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Unemployment rate

Unemployed

Labour force

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% Change in GDP

New GDP * 100

Old GDP

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Consumer Price Index

Cost in current year * 100

Cost in base year

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GDP Deflator

Nominal GDP * 100

Real GDP

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Expenditure Approach

C+I+G+Xn

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Income Approach

Wages + Rent + Interest + Profit

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MPS

1-MPC

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Spending Multiplier

1 1

MPS 1-MPC

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Tax Multiplier

Spending Multiplier - 1