Econ 104 quiz 2

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Last updated 12:13 AM on 9/24/26
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10 Terms

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Economic growth formula

percent change in real GDP

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GDP deflator formula

nominal/real gdp *100

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Current GDP deflator

133.9

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How is inflation measured

percent change in price index over one year

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What is the current inflation rate?

3.3%

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CPI equation

cost of market basket in given year/ cost of market basket base year *100

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CPI current value

334.1

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Core CPI

removes food and energy prices, is lower than normal CPI inflation rate

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PCE

  • shows 0.5% less inflation than CPI

  • better adapts to changes in purchases than CPI


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What does it mean if the GDP deflator is rising

indicates that prices are going up, meaning that inflation rates are also going up