AP MACRO ECONOMICS / REVIEW SHEET / TEST MODULES 10-15 ...
AP MACRO ECONOMICS / REVIEW SHEET / TEST MODULES 10-15 KRUGMAN/ MR. LIPMAN
1. Circular flow diagram
2. GDP = C + I + G + Xn (only measures production of final goods)
consumption
investment
government purchases (not transfer payments)
imports - exports
used goods (not counted)
intermediate goods (not counted)
3. Real GDP vs. Nominal GDP
P x Q
Real = base year price x real year units produced
GDP Deflator
4. Labor Force = total employed + total unemployed
retired workers (don’t count)
discouraged workers (don’t count)
students (don’t count)
5. Unemployment Rate = unemployed /labor force x 100
6. Frictional unemployment
7. Structural unemployment
8. Cyclical unemployment
9. Natural Rate of Unemployment (NRU)
10. Menu costs (inflation)
11. Shoe leather costs (inflation)
12. Unit of account costs (inflation)
13. Hyper inflation
14. CPI (consumer price index)
Inflation Rate = 100 x (CPI this year – CPI last year) / CPI last year
15. Market basket
16. Creditors (dislike inflation) but borrowers (like inflation)
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