Question

formulas: gdp (output expenditure model): inflation: market basket: consumer price index: unemployment: unemployment rate = #unemployed / # in labor force × 100

Explanation:

Step1: GDP formula

$GDP = C + I+G+(X - M)$ where $C$ is consumption, $I$ is investment, $G$ is government spending, $X$ is exports and $M$ is imports.

Step2: Inflation formula

$\text{Inflation rate}=\frac{CPI_{t}-CPI_{t - 1}}{CPI_{t - 1}}\times100$ where $CPI_{t}$ is the Consumer - Price Index in period $t$ and $CPI_{t - 1}$ is the CPI in the previous period.

Step3: Market Basket definition

A market basket is a fixed set of consumer goods and services used to monitor changes in prices (for calculating CPI).

Step4: CPI formula

$CPI=\frac{\text{Cost of market basket in current period}}{\text{Cost of market basket in base period}}\times100$

Step5: Unemployment formula (already given partially)

$\text{Unemployment rate}=\frac{\text{Number of unemployed}}{\text{Number in labor force}}\times100$

Answer:

$GDP = C + I+G+(X - M)$; $\text{Inflation rate}=\frac{CPI_{t}-CPI_{t - 1}}{CPI_{t - 1}}\times100$; A market basket is a fixed set of consumer goods and services for price - change monitoring; $CPI=\frac{\text{Cost of market basket in current period}}{\text{Cost of market basket in base period}}\times100$; $\text{Unemployment rate}=\frac{\text{Number of unemployed}}{\text{Number in labor force}}\times100$