Ec202 Final Exam Cheat Sheert

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* Spu = T - G * Output per person = RGDP/# of pop. * Avg. Labor of prod. = RGDP/# of workers * Stand. Living = RGDP/# of pop. * Total output = ALP(E) * UE Rate = UE/LF * LF = E+UE * Not LF = WAP-LF * Participation Rate = LF/Pop. 16+ * CPI = (CPI base basket @ current prices/CPI base basket @ base prices)*100 (ex: 70/50*100=140) * Inflation Rate = (CPI current-CPI base)/CPI base * GDP Deflator (P) = (NGDP/RGDP)*100 * RGDP contribution = base price (# of whatever) (ex: $9(6,000)) * Real Wage = NW/CPI * Real Wage Rate = (NWR/CPI)*100 * Deflating NGDP – RGDP = (NGDP/P)*100 * V1 = V0*(1+i) * Real Interest Rate (“return”) = (end of year pp. – orig. pp.)/orig. pp. * i=nominal, market interest rate * p=inflation rate=(P1-P0)/P0 - - P are prices * Current value = past value * (current CPI/past CPI) * Annual interest payment = coupon rate*principal value of bond (ex: 2000*.06=$120) *  in interest rates (5% 6%) leads to  in price for bond ($1000$990.57) * Reserves/Deposits * Money supply = deposits + public cash * Cyclical UE = u – u* * Natural UE = frictional + structural * Actual UE = natural + cyclical * Recession = u>u* * Expansion = u<u* * 2x rate of cyclical UE = output gap as % of pot. Output * Cyclical UE = actual UE – natural UE * Equation of Exchange = Money (M)*velocity (V)=NGDP (aka P*Y) * Velocity of Money = (M/P)*V=Y * P=(M*V)/Y – long run inflation rate; left is price level; right are things that influence price level * V=(P*Y)/M (Velocity of Circulation) * Y = RGDP * NGDP = P*Y * Output gap = Y* - Y * Recessionary Gap = Y*>Y; positive output gap; resources not fully utilized;  in UE rate; can be closed by  government purchases * Expansionary Gap = Y*<Y; negative output gap; resources being over utilized;  in UE rate *

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