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9 Cards in this Set

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