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This 1 page Class Notes was uploaded by Nikita Hendricks on Friday September 16, 2016. The Class Notes belongs to Econ2307 at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months taught by Dr. Ssozi in Fall 2016. Since its upload, it has received 13 views. For similar materials see Macroeconomics in Economics at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months.
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Date Created: 09/16/16
MACROECONOMICS 9/16/2015 Consumer Price Index CPI measures the overall level of prices in the economy. This reflects the overall cost of goods and services. items bought by typical consumers (Current price of basket)/(base year price of basket) X100 Compute the inflation rate Inflation rate in year 2= (CPI in year 2CPI in year 1)/(CPI in year 1) X100 GDP Deflator vs Consumer Price Index GDP Deflator Ratio of nominal to real GDP Reflects prices of all goods & services produced domestically CPI Reflects prices of goods & services bought by consumers GDP Deflator compares the price of the mix of goods and services currently produced to the price of the mix of goods and services produced in the base year. CPI Compares price of a fixed basket of goods and services to the price of the same basket in the base year Amount in today's dollars= Amount in Year T dollarsX (CPI today/CPI in year T)
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