Formulas Flashcards
1
Q
How is participation rate calculated (%)
A
(Labour force/working age population) x 100
2
Q
How is unemployment rate calculated (%)
A
(Number of unemployed/Total labour force) x 100
3
Q
How is economic growth calculated? (%)
A
Real GDP(current year)-real GDP(previous year)/real gdp(prev year) all x 100/1
4
Q
How is inflation calculated (%)
A
(CPI(current year) - CPI(previous year)/CPI(previous year)) x 100
