Macro Exam 2 Formula Sheet
Macro Exam 2 Formula Sheet EC 111
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This 2 page Study Guide was uploaded by Carter Cox on Sunday March 6, 2016. The Study Guide belongs to EC 111 at University of Alabama - Tuscaloosa taught by Zirlott in Spring 2015. Since its upload, it has received 147 views. For similar materials see Principles of Macroeconomics in Economcs at University of Alabama - Tuscaloosa.
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Date Created: 03/06/16
Macro Exam 2 Formula Sheet GDP o Y = C + I + G +NX o Y = GDP o C = Consumption o I = Investment o G = Government Purchases o NX = Net Exports = Exports – Imports o Export- Foreign people buying our stuf o Import- we are buying foreign stuf GDP Deflator- measure of overall level of prices o 100 X (Nominal GDP/ Real GDP) o Real GDP o Values output using prices of a base year o Nominal GDP o Values output using current prices CPI Calculation o 100 X (cost of basket in current year/ cost of basket in base year) Inflation Rate = ((CPI this year- CPI last year)/ (CPI last year)) X 100% = (New- Old)/Old Private Savings- income that is not used for consumption or paying taxes = Y – T – C o Y = GDP o T = Taxes o C = Consumption Public Savings- tax revenue is less than government spending = T – G o T = Taxes o G = Government Purchases National Savings = Private saving + Public savings = (Y – T – C) + (T – G) = Y – C – G Saving and Investment o Saving is equal to investment in a closed economy o I = Y – C – G Budget Surplus = T – G = Public saving (positive) Budget Deficit = G – T = Public saving just negative Unemployment Rate (U- Rate) = 100 (Number of Unemployed/ Labor Force) Labor Force Participation Rate o Percent of the adult population that is in labor force o = 100 X (Labor Force/ Adult Population) Labor Force o Employed + Unemployed Population o Labor Force + Not In Labor Force
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