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9 Cards in this Set
- Front
- Back
Consumer price index
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A mesaure of the average of the prices paid by urban consumers for a fixed market basket of consumption goods ands er vices
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Reference base period
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A period for which the CPI is defined to equal 100. Currently, the reference base period is 1982-1984
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Inflation rate
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The percentage change in the price level from one year to the next
IR=(CPI in current year - CPI in previous year) DIVIDED by CPI in previous year TIMES 100 |
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GPD deflator
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An average of the current prices of all the goods and services included in GDP expressed as a percentage of base-year prices
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PCE deflator
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An average of the current prices of the goods and services included in the consumption expenditure component of GDP expressed as a percentage of base-year prices
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Nominal wage rate
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The average hourly wage rate measured in current dollars
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Real wage rate
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The average hourly wage rate measured in the dollars of a given reference base year
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Nominal interest rate
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The percentage return on a loan, calculated by using dollars
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Real interest rate
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The percentage return on a loan, calculated by using pruchasing power-the nominal interst rate adjusted for the effects of inflation
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