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Equations for Exam 2

# Equations for Exam 2 - Equations for Exam II Note I am...

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Equations for Exam II Note: I am attempting to be comprehensive with this list, but may have missed something. If you come across an equation that is not on the list, please ask whether or not you should add it to the list for memorization. Chapter 5 Equations GDP = C + I + G + NX GDP equation from the product approach NX = X – IM net exports equation Know how to calculate nominal GDP, constant dollar real GDP, and GDP growth rates. The formulas are given on the “Calculating Nominal and Real GDP…” sheet Know how to calculate price index values, inflation rates, and real wages. The formulas are given on the “Procedures Guide: Constant Weight Price Index, Inflation…” sheet S ≡ I closed economy identity between saving and investment S ≡ I + NX open economy identity between saving and investment gross domestic investment = gross domestic private investment (I) + government investment (G I ) foreign borrowing = IM - X net saving in an open economy = gross saving – depreciated manufactured capital
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