question
GDP (Expenditure Approach)
answer
C + I + G + Xn (consumer spending + investments + government spending + net exports-net imports)
question
GDP (Income Approach)
answer
W + I + R + P (wages + interest payments + rent + profits)
question
GDP (Value-Added Approach)
answer
value of production - value of intermediate goods
question
Percentage Change in GDP
answer
(Year 2 - Year 1)/Year 1 x 100
question
Unemployment Rate
answer
(unemployed/labor force) x 100
question
Labor Force Participation Rate
answer
(labor force/total population over age 16) x 100
question
Natural Rate of Unemployment
answer
(FU + SU)/LF (frictional unemployment + structural unemployment/labor force)
question
Cyclical Unemployment Rate
answer
actual unemployment rate - natural unemployment rate
question
CPI (Consumer Price Index)
answer
(price of market basket/price of market basket in base year) x 100
question
Inflation Rate
answer
(New CPI-Old CPI)/(Old CPI) x 100
question
Real Wage
answer
(nominal wage/CPI) x 100
question
Real GDP
answer
(nominal GDP/GDP deflator) x 100
question
GDP Deflator
answer
(nominal GDP/real GDP) x 100
question
Nominal GDP
answer
(GDP deflator) x (real GDP)/100
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