GDP Deflator Flashcards
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Flashcards about GDP Deflator
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7 Terms
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GDP Deflator
A measure of the overall level of prices in the economy.
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Inflation Rate
Compute the percentage increase in the GDP deflator from one year to the next.
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GDP Deflator Formula
100 x (Nominal GDP / Real GDP)
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GDP Deflator
Ratio of nominal GDP to real GDP; Reflects prices of all goods & services produced domestically.
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CPI
Reflects prices of goods & services bought by consumers.
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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.
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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.
Flashcards (86)