question
Nominal GDP
answer
consumption + business investments + government expenses + exports - imports = nominal GDP
question
Real GDP: price and quantity problems
answer
base year prices x new year's quantities = new year's RGDP
question
Real GDP: deflator problems
answer
100 (nominal GDP/ real GDP) = GDP deflator
question
CPI
answer
100 (cost of market in a given year/ cost of market in base year)
question
Inflation Rate
answer
100 (CPI this year-CPI last year)/ CPI last year
question
Real wages
answer
100 (nominal wage rate/ CPI)
question
Real interest rate
answer
nominal interest rate- inflation rate
question
Nominal interest rate
answer
real interest rate + inflation rate
question
Labor force participation rate
answer
100 (employed people + unemployed people)/ working age noninstitutionalized population
question
unemployment rate
answer
100 (unemployed/ labor force)
question
natural rate of unemployment
answer
100 (structural + frictional)/ labor force
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