Calculating GDP, Labor Force, and CPI Flashcards
1
Q
GDP Expenditure Approach
A
GDP = C(66%) + Ig(18%) + G(17%) + Xn
2
Q
Nominal GDP
A
(Price)(Quantity)
3
Q
Unemployment Rate
A
(#Num. unemployed)/(# of ppl in labor/work force)
4
Q
CPI
A
Current CPI/Base Year CPI
5
Q
What is the value of the Index/Base CPI?
A
Always 100
6
Q
Inflation
A
(CPI in Year 2 - CPI in Year 1)/(CPI in Year 1) x 100
7
Q
GDP Deflator
A
Nominal GDP/Real GDP x 100
8
Q
Labor Force Participation Rate
A
Labor force/Pop. aged 16 or over
