Macro Chapter 6-7 Formulas

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Author:
lexi.chocoholic
ID:
110363
Filename:
Macro Chapter 6-7 Formulas
Updated:
2011-10-19 19:04:32
Tags:
Econ Macro
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Description:
Macro Chapter 6-7 Formulas - GDP, business cycle, unemployment
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  1. GDP
    (personal consumption expenditures)+(gross private domestic investment)+(government purchases)+(net exports)
  2. Net Exports
    Exports - Imports
  3. NDP
    GDP - depreciation
  4. Disposable Income
    Personal income - taxes
  5. Nominal GDP
    Numbers of goods sold x price per good
  6. Real GDP
    (nominal GDP) / (price index/100)
  7. GDP Price Index
    (price of market basket in a specific year) / (price of same basket in base year) x 100
  8. Rate of Change
    (new - old) / (old) x 100
  9. CPI
    (price of most recent market basket in particular year) / (price of same market basket in 1982-1984) x 100
  10. GDP per Capita
    GDP / (size of population)
  11. Rule of 70
    (70) / (annual percentage rate of growth)
  12. Per Unit Cost
    (total input cost) / (number of units of output)
  13. Unemployment Rate
    (unemployed) / (labor force) x 100
  14. Real Income
    (nominal income) / (price index/100)
  15. % Change in Real Income
    (% change in nominal income) - (% change in price level)

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