Formulas Exam 1 Flashcards
1
Q
Consumer Surplus
A
Max price buyers are willing to pay over actual price paid
2
Q
Producer Surplus
A
Minimum price producers are willing to accept over Actual price accepted
3
Q
Nominal GDP
A
Price of current year over quantity of current year
4
Q
Real GDP
A
Price of base year over quantity of current year
5
Q
GDP Deflator
A
Nominal GDP over Real GDP times 100
6
Q
GDP
A
Consumption * Investment * Government Purchases * Net Export
7
Q
Labor Force
A
unemployed + employed
8
Q
Unemployment Rate
A
Number of Unemployed over labor force times 100
9
Q
Cost of Basket in any year
A
Quantity of base year times price of current year
10
Q
CPI
A
Cost of Basket in any year over the cost of the basket in base year * 100
11
Q
A
12
Q
A
