Calculations Flashcards
1
Q
Nominal GDP
A
Total quantity X total price for given year
2
Q
Real GDP
A
Quantity year (x) X price in base year
3
Q
Real GDP year (x)
A
Nominal value in year (x) X 100 / general price index in year (x)
4
Q
Inflation through GDP deflator
A
Nominal GDP/ Real GDP X 100
(the value above 100 is inflation e.g if the answer was 120 then inflation would be 20%)
5
Q
Index Numbers
A
Price in year (x) / Price in base year X100
6
Q
Index numbers to calculate annual changes
A
Index year in question - index of previous year / index of previous year X100
