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Economic Indicators: Labor Force Statistics, Inflation Measurement and Price Indices

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Economics - Macroeconomics

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charlotte1oxhi Created by 10 mon ago

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Cards in this deck(18)
The labor force is the sum of _____ and unemployed individuals.
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The unemployment rate is calculated as (unemployed/labor force) x 100. Fill in the blank: (unemployed/_____) x 100.
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The labor force participation rate is calculated as (labor force/working age population) x 100. Fill in the blank: (_____/working age population) x 100.
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The Consumer Price Index (CPI) is calculated as (cost of market basket in current year/cost of market basket in base year) x 100. Fill in the blank: (cost of market basket in current year/_____) x 100.
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To calculate the market basket, use price x quantity and add up everything for the year. What stays constant? _____ stays constant.
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The inflation rate is calculated as (new CPI - old CPI)/old CPI x 100. Fill in the blank: (new CPI - old CPI)/_____ x 100.
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To compare prices in different years using CPI, use the formula: Year 2 Price = Year 1 Price x (Year 2 CPI/Year 1 CPI). Fill in the blank: Year 2 Price = Year 1 Price x (_____).
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Nominal income is calculated as CPI/Real Income x 100. Fill in the blank: Nominal income = _____/Real Income x 100.
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Nominal GDP is found by calculating price x quantity. Fill in the blank: Nominal GDP = _____ x quantity.
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Real GDP is calculated using the base year's prices. What stays constant? _____ stays constant.
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The GDP Deflator is calculated as (Nominal GDP/Real GDP) x 100. Fill in the blank: GDP Deflator = (Nominal GDP/_____) x 100.
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The Marginal Propensity to Consume (MPC) is calculated as change in consumption/change in disposable income. Fill in the blank: MPC = change in consumption/_____.
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The Marginal Propensity to Save (MPS) is calculated as change in savings/change in disposable income. Fill in the blank: MPS = change in savings/_____.
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MPC + MPS always equals _____.
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The spending multiplier formula is 1/MPS or 1/(1-MPC). Fill in the blank: Spending Multiplier = 1/_____.
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The total change in GDP is calculated as Multiplier x initial change in spending. Fill in the blank: Total Change in GDP = Multiplier x _____.
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The money multiplier is calculated as 1/reserve ratio. Fill in the blank: Money Multiplier = 1/_____.
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The money supply is calculated as Initial loan x money multiplier. Fill in the blank: Money Supply = Initial loan x _____.
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