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Economic Calculation Methods: GDP, National Income, and Related Economic Indicators

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Economics - Macroeconomics

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charlotte1oxhi Created by 10 mon ago

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Cards in this deck(39)
The formula for GDP in an open economy is _____ + I + G + (X-M), where X represents exports and M represents imports.
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Gross National Product (GNP) is calculated as GDP plus _____ from non-residents.
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Depreciation is calculated as gross investment minus _____ investment.
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Net National Income (NNI) is derived by subtracting _____ from GNP.
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National Income (NI) is calculated as NNI minus _____ taxes plus subsidies.
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Personal Income (PI) is calculated as NI plus government transfer payments minus _____ income taxes, undistributed corporate profits, and other income not going to individuals.
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Disposable Income (DI) is calculated as PI minus _____ taxes.
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Private saving (S) is calculated as disposable income minus _____.
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Profit is calculated as total revenue minus _____.
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GNP is calculated as GDP _____ income earned by foreigners working in the domestic economy _____ income earned by nationals working abroad.
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The unemployment rate can be calculated using the formula s/(s+f), where s is the separation rate and f is the _____ rate.
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The marginal propensity to consume is calculated as the change in consumption divided by the change in _____ income.
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The average propensity to consume is calculated as consumption divided by _____ income.
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Public saving is calculated as government revenue minus government _____.
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The money supply (M1) is calculated as currency in circulation plus _____ deposits in the banking system.
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The ex-post real interest rate is calculated as the nominal interest rate minus the actual _____ rate.
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The ex-ante real interest rate is calculated as the nominal interest rate minus the expected _____ rate.
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The marginal product of labor is calculated as the change in output divided by the change in _____.
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In a closed economy, the demand for output is the sum of consumption, investment, and _____ spending.
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The cost of holding money is calculated as the real interest rate plus the rate of _____.
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The labor force is the sum of employed and _____ individuals.
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The labor force participation rate is calculated as (labor force/15 years and older) x _____.
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The deposit multiplier is calculated as l/rr, where l is the total deposits and rr is the _____ ratio.
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The money multiplier is calculated as (cr+l) / (cr+rr), where cr is the currency ratio and rr is the _____ ratio.
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Reserves (R) are calculated as rr x D, where rr is the reserve ratio and D is the total _____.
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The monetary base (B) is calculated as currency in circulation plus _____ in the banking system.
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The currency deposit ratio (cr) is calculated as C/D, where C is currency and D is _____.
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Increasing taxes or lowering government spending reduces _____ demand.
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The GDP deflator is calculated as nominal GDP divided by real GDP times _____.
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The inflation rate is calculated as (CPI in year 2 - CPI in year 1) divided by CPI in year 1 times _____.
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The change in unemployment is calculated as s x E, where s is the searching for job rate and E is the _____ rate.
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The change in employment is calculated as f x U, where f is the finds a job rate and U is the _____ rate.
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New employment is calculated as E - change in U + change in E, where E is who is already employed, minus who is going to become unemployed, plus who is going to become _____.
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New unemployment is calculated as U - change in E + change in U, where U is who is already unemployed, minus who is going to become employed, plus who is going to become _____.
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Planned expenditure (PE) is the amount that households, firms, and governments want to spend on goods and services. It is represented by the symbol _____.
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At equilibrium, planned expenditure (PE) equals income (Y), which is calculated as PE = Y = C + I + _____.
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As the nominal interest rate (i) increases, the quantity of money demanded _____.
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Real GDP for the base year is calculated as (Price A base x Quantity A base) + (Price B base x Quantity B _____.
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Real GDP for the later year is calculated as (Price A base x Quantity A later) + (Price B base x Quantity B _____.
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