GDP Deflator Flashcards
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Flashcards about GDP Deflator
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7 Terms
GDP Deflator
A measure of the overall level of prices in the economy.
Inflation Rate
Compute the percentage increase in the GDP deflator from one year to the next.
GDP Deflator Formula
100 x (Nominal GDP / Real GDP)
GDP Deflator
Ratio of nominal GDP to real GDP; Reflects prices of all goods & services produced domestically.
CPI
Reflects prices of goods & services bought by consumers.
GDP Deflator
Compares the price of currently produced goods and services domestically to the price of the same goods and services in the base year.
CPI
Compares price of a fixed basket of goods and services bought by typical consumer to the price of the basket in the base year.
