Formulas

Question 1

What is the formula for GDP?

Answer 1

C + I + G + (X - M)

Question 2

What is the formula for Price Elasticity of Demand (PED)?

Answer 2

% change in quantity demanded / % change in price

Question 3

What is the formula for Price Elasticity of Supply (PES) ?

Answer 3

% change in quantity supplied / % change in price

Question 4

What is the formula for GNP?

Answer 4

GDP + Net income from abroad

Question 4

What is the formula for National Income?

Answer 4

GDP - Depreciation - Indirect taxes + Subsidies

Question 5

What is the formula for Inflation?

Answer 5

(Current CPI - Previous CPI) / Previous CPI × 100

Question 6

What is the formula for Unemployment rate?

Answer 6

(Unemployed / Labor Force) × 100

Question 7

What is the formula for Terms of Trade?

Answer 7

(Index of Export Prices / Index of Import Prices) × 100

Question 8

What is the formula for Economic Growth Rate?

Answer 8

(GDP in current year - GDP in previous year) / GDP in previous year × 100

Question 9

What is the formula for Per Capita Income?

Answer 9

Total Income / Population