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Macro Final Exam Formulas

by: Carter Cox

Macro Final Exam Formulas EC 111

Carter Cox

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About this Document

Covers all formulas that will be on the exam as well as formulas that might show up on certain exam, depending on the color
Principles of Macroeconomics
Class Notes
25 ?




Popular in Principles of Macroeconomics

Popular in Economcs

This 3 page Class Notes was uploaded by Carter Cox on Wednesday May 4, 2016. The Class Notes belongs to EC 111 at University of Alabama - Tuscaloosa taught by Zirlott in Spring 2015. Since its upload, it has received 82 views. For similar materials see Principles of Macroeconomics in Economcs at University of Alabama - Tuscaloosa.


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Date Created: 05/04/16
EC-111 Final Exam Formulas (Some formulas will not be on very test) Equilibrium - (Quantity Demanded = Quantity Supplied) Surplus - Above equilibrium - QS is greater than QD Shortage - Below equilibrium - QD is greater than QS Elasticity of Demand - (% Change in Quantity Demanded)/ (% Change in Price) - Midpoint o (End – Start)/ Start o (New – Old)/ Old Revenue - (Price X Quantity) GDP (Total Spending) - (Y = C + I + G + NX) - C = Consumption - I = Investment - G = Government Purchases - NX = Net Exports o NX = Exports – Imports GDP Deflator - (100 X (Nominal GDP/ Real GDP)) Nominal GDP - (Current Quantity X Current Price) Pizza Pizza Latte Latte Year Price Quantity Price Quantity 2010 $10 400 $2 1000 - 2010 o $10 X 400 + $2 X 1000 = 6000 Real GDP - Base Year (Given) X Current Quantity Pizza Pizza Latte Latte Year Price Quantity Price Quantity 2010 $10 400 $2 1000 2011 $11 500 $2.50 1100 - Real GDP for 2011 o $10 X 500 + $2 X 1100 = 7200 o 2010 is base year CPI - (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 Labor Force - Total number of workers - Employed + Unemployed Unemployment Rate - Percent of the labor force that is unemployed - (100 x (number of unemployed/ Labor Force) Labor Force Participation Rate - Percent of the adult population that is in the labor force - (100 X (Labor Force/ Adult Participation) Population - Labor Force + Not in labor force Loanable Funds - 100 x (Labor Force/ Population) Trade Deficit - Excess of imports over exports - NX less than 0 and Y is less than C + I + G Trade Surplus - Excess of exports over imports - NX is greater than 0 and Y is greater than C + I + G Trade Balance - Export = Imports - NX = 0 and Y = C + I + G National Income Identity - Open economy o S = I + NCO - NX = NCO - S – I = NCO COULD BE ON ANY OF THE TESTS Real Exchange Rate - Rate at which goods and services of one country trade for the goods and services of another - (e X P)/ P* o e = Nominal Exchange Rate o P = Domestic Price o P* = Foreign Price Nominal Interest Rate - rate of growth in the dollar value of a deposit or debt Real Interest Rate - Nominal Interest Rate – Inflation Rate Velocity of Money - V = (P x Y)/ M o (P x Y) = Nominal GDP o M = Money Supply o V = Velocity Quantity Equation - Represents entire economy - M x V = P x Y Value of Money - 1/P o P = Price Level Fisher Effect - Nominal Interest Rate = Inflation Rate + Real Interest Rate


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