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Details Title: Macro 1312 Description: Exam 1 Total Flash Cards: 17 Created: 02/22/2007 01:04:03	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term CPI Definition = [(Total dollar expenditure on market basket in current year)/(Total dollar expenditure on market basket in base year)] * 100 Term Real Income Definition = (Nominal Income / CPI) * 100 Term Calculate Today's Salary compared To Salary of the past Definition Salary (earlier year) * (CPI current year / CPI earlier year) Term Labor Force Participation Rate (LFPR) Definition = Civilian Labor Force / Civilian noninstitutionalized population Term Per Capita GDP Definition = GDP / Population Term GDP Definition = C + I + G + (X-M) Term Investment Definition I Term Government Purchases Definition G Term Consumption Definition C Term Net Export Definition X-M Term National Income Definition = Compensation of Employees + Proprietor’s Income + Corporate Profits + Rentail Income + Net Income Term GDP Definition == Nat’l Income - Income earned FROM the rest of the world + Income earned BY the rest of the world + Indirect Business Taxes (I.B.T) + Capital Consumption Allowance + Statistical discrepancy Term NDP Definition GDP - Capital Consumption Allowance Term Personal Income (PI) Definition = Nat’l Income - Undistributed Corporate Taxes - Social Insurance Taxes - Corporate Profit Taxes + Transfer Payments Term Disposable Income Definition PI - Peronal Taxes Term Real GDP Definition = ∑ (base – year prices * current-year quantities) Term Percentage Δ in Real GDP Definition =[(Real GDP (later yr) – Real GDP (earlier yr)) / Real GDP (earlier yr)] * 100