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Final

FINAL EXAM FORUMLA SHEET
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Department
Economics
Course
ECN 204
Professor
Eric Kam
Semester
Winter

Description
Wednesday April 23 , 2012 Final Exam Formula Sheet Chapter 9: -unemployment rate (u-rate): % of the labour force that is unemployed  u-rate = 100 x # of unemployment/labour force -labour force participation rate: % of the adult population that is in the labour force  labour force population = 100 x labour force/adult population Chapter 10: -The reserve ratio, R  = fraction of deposits that banks hold as reserves  = total reserves as a percentage of total deposits -Money supply: = currency + deposits Chapter 11: -Value of Money:  P = price level  1/P is the value of $1 measured in goods -Relative Price:  is the price of one goods relative to (divided by) another  Relative prices are measured in physical units, so they are real variables  Example: Price of a CD: $15/CD, Price of cheese pizza: $10/pizza  Relative price of CDs in terms of pizza  Price of CD/price of pizza = $15/$10 = 1.5 pizza’s per cd -an important relative price is the real wage:  W = nominal wage = price of labour  Example: $15/hour  P = price level = price of goods and services (g&s)  Example: $5/unit of output -real wage is the price of labour
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