Chapter 11 - Measuring the Cost of Living
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6 Terms
1
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Substitution
________ bias- when the price change from one year to the next, changes disproportionately.
2
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price index
Producer ________- a measure of the cost of a basket of goods and services bought by firms.
3
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GDP deflator
The ________- the measure of the overall level of prices in the economy.
4
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Inflation rate the
________ percentage change in the price index from the preceding period.
5
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overall level of prices
The purpose of measuring the ________ in the economy is to allow us to compare dollar figures from different times.
6
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price index
Consumer ________ (CPI)- a measure of the overall cost of the goods and services bought by a typical consumer.