GDP and unemployment - GDPEQUATION Consumption Govtspending NetExports(ExportsImports)=GDP ConsumerPriceIndex:,Stats PriceIndex(/Pricebas

GDP and unemployment - GDPEQUATION Consumption Govtspending...

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GDP EQUATION Consumption + Gov’t spending + Net Exports (Exports – Imports) = GDP Consumer Price Index:   broad measure of the cost of living in Canada   to calculate, Stats  Canada tracks the retail price of a rep shopping basket for an average household Price Index:   (Price Basket in Current Year / Price basket in base year) x 100 Inflation Rate:   ((CPI yr 1 – CPI yr2) / (CPI yr 1)) x 100 Indexing:   ((CPI yr 1) / (CPI yr 2)) = ((Amount of Wage / Pension yr 1) / (Amount of  Wage / Pension yr 2)) Rule of 72:   used to determine the doubling rate of a country’s real GDP   the country must have  a consistent real GDP growth rate   (72 / g) Unemployment Rate:    percentage of labour force not working at any given time Only includes  the labour force   those who are either employed or looking for  employment 
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