Calculate the percentage change in GDP using the formula: (year 2 - year 1) / year 1 x 100. The % Change in GDP is _____ \[ \frac{\text{year 2} - \text{year 1}}{\text{year 1}} \times 100 \] \[ \frac{\text{year 2} + \text{year 1}}{\text{year 1}} \times 100 \] \[ \frac{\text{year 1} + \text{year 2}}{\text{year 2}} \times 100 \] \[ \frac{\text{year 1} - \text{year 2}}{\text{year 2}} \times 100 \]

\[ \frac{\text{year 2} - \text{year 1}}{\text{year 1}} \times 100 \]

Determine the unemployment rate using the formula: # of unemployed / labor force x 100. The Unemployment Rate is _____ \[ \frac{\text{labor force}}{\text{# of unemployed}} \times 100 \] \[ \frac{\text{# of unemployed}}{\text{labor force}} \times 100 \] \[ \frac{\text{# of unemployed}}{\text{working age population}} \times 100 \] \[ \frac{\text{working age population}}{\text{labor force}} \times 100 \]

\[ \frac{\text{# of unemployed}}{\text{labor force}} \times 100 \]

Calculate the labor force participation rate using the formula: labor force / working age population x 100. The Labor Force Participation Rate is _____ \[ \frac{\text{total population}}{\text{working age population}} \times 100 \] \[ \frac{\text{working age population}}{\text{labor force}} \times 100 \] \[ \frac{\text{labor force}}{\text{total population}} \times 100 \] \[ \frac{\text{labor force}}{\text{working age population}} \times 100 \]

\[ \frac{\text{labor force}}{\text{working age population}} \times 100 \]

Calculate the Consumer Price Index (CPI) using the formula: (Price of basket of goods and services in current year / price of basket in base year) x 100. The CPI is _____ \[ \frac{\text{Price of basket in base year}}{\text{Price of basket in current year}} \times 100 \] \[ \frac{\text{Price of basket in current year}}{\text{Price of basket in base year}} \times 100 \] \[ \frac{\text{Price of basket in current year}}{\text{Price of basket in base year}} \times 10 \] \[ \frac{\text{Price of basket in base year}}{\text{Price of basket in current year}} \times 10 \]

\[ \frac{\text{Price of basket in current year}}{\text{Price of basket in base year}} \times 100 \]

Determine the inflation rate using the formula: (CPI this year - CPI last year) / CPI last year x 100. The Inflation Rate is _____ \[ \frac{\text{CPI this year} + \text{CPI last year}}{\text{CPI last year}} \times 100 \] \[ \frac{\text{CPI this year} - \text{CPI last year}}{\text{CPI last year}} \times 100 \] \[ \frac{\text{CPI last year} - \text{CPI this year}}{\text{CPI this year}} \times 100 \] \[ \frac{\text{CPI last year} + \text{CPI this year}}{\text{CPI this year}} \times 100 \]

\[ \frac{\text{CPI this year} - \text{CPI last year}}{\text{CPI last year}} \times 100 \]

Economic Calculations: GDP, Unemployment, Labor Force, and Interest Rates

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Economics - Macroeconomics

michael1tekrzp Created by 10 mon ago

Cards in this deck(19)

Calculate the percentage change in GDP using the formula: (year 2 - year 1) / year 1 x 100. The % Change in GDP is _____

Identify the formula for GDP using either the expenditure approach or the income approach: C + I + G + (X-M) or Rent + Wages + Interest + Profit. GDP = _____

Determine the unemployment rate using the formula: # of unemployed / labor force x 100. The Unemployment Rate is _____

Calculate the labor force participation rate using the formula: labor force / working age population x 100. The Labor Force Participation Rate is _____

Identify the components of the natural rate of unemployment, which includes frictional and structural unemployment. The Natural Rate of Unemployment is _____

Calculate the real interest rate using the formula: nominal interest rate - expected inflation. The Real Interest Rate is _____

Determine the nominal interest rate using the formula: Real Interest Rate + Expected Inflation. The Nominal Interest Rate is _____

Define the labor force as the sum of employed and unemployed individuals. The Labor Force is _____

Calculate the Consumer Price Index (CPI) using the formula: (Price of basket of goods and services in current year / price of basket in base year) x 100. The CPI is _____

Determine the inflation rate using the formula: (CPI this year - CPI last year) / CPI last year x 100. The Inflation Rate is _____

Calculate the GDP deflator using the formula: Nominal GDP / Real GDP x 100. The GDP Deflator is _____

Explain the Quantity Theory of Money using the equation: M x V = P x Y. The Quantity Theory is represented by _____

Determine the marginal propensity to consume using the formula: change in consumption / change in disposable income. The Marginal Propensity to Consume is _____

Calculate the marginal propensity to save using the formula: change in savings / change in disposable income. The Marginal Propensity to Save is _____

Identify the spending multiplier using the formula: 1 / MPS or 1 / (1 - MPC). The Spending Multiplier is _____

Calculate the total change in GDP using the formula: multiplier x initial change in spending. The Total Change in GDP is _____

Determine the tax multiplier using the formula: -MPC / MPS or -MPC / (1 - MPC). The Tax Multiplier is _____

Calculate the money multiplier using the formula: 1 / reserve ratio (requirement). The Money Multiplier is _____

Determine the minimum change in GDP using the formula: initial change in GDP / spending multiplier. The Minimum Change in GDP is _____

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