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Macro Chapter 6-7 Formulas
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GDP
(personal consumption expenditures)+(gross private domestic investment)+(government purchases)+(net exports)
Net Exports
Exports - Imports
NDP
GDP - depreciation
Disposable Income
Personal income - taxes
Nominal GDP
Numbers of goods sold x price per good
Real GDP
(nominal GDP) / (price index/100)
GDP Price Index
(price of market basket in a specific year) / (price of same basket in base year) x 100
Rate of Change
(new - old) / (old) x 100
CPI
(price of most recent market basket in particular year) / (price of same market basket in 1982-1984) x 100
GDP per Capita
GDP / (size of population)
Rule of 70
(70) / (annual percentage rate of growth)
Per Unit Cost
(total input cost) / (number of units of output)
Unemployment Rate
(unemployed) / (labor force) x 100
Real Income
(nominal income) / (price index/100)
% Change in Real Income
(% change in nominal income) - (% change in price level)
Author
lexi.chocoholic
ID
110363
Card Set
Macro Chapter 6-7 Formulas
Description
Macro Chapter 6-7 Formulas - GDP, business cycle, unemployment
Updated
2011-10-19T23:04:32Z
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