Chapter 11 - Measuring the Cost of Living
0.0(0)
Studied by 1 person
View linked note
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/5
Earn XP
Description and Tags
Last updated 7:58 PM on 4/13/22
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
6 Terms
1
New cards
Inflation rate
the percentage change in the price index from the preceding period.
2
New cards
GDP deflator
measure of the overall level of prices in the economy.
3
New cards
Producer price index
a measure of the cost of a basket of goods and services bought by firms.
4
New cards
overall level of prices
The purpose of measuring the ________ in the economy is to allow us to compare dollar figures from different times.
5
New cards
Consumer price index (CPI)
a measure of the overall cost of the goods and services bought by a typical consumer.
6
New cards
Substitution bias
when the price change from one year to the next, changes disproportionately
