ECON 2002.01 Lecture Notes - Lecture 12: Gdp Deflator, Carnitine Palmitoyltransferase Ii, Market Basket

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A general increase in average price level; percent change in price index. A general decrease in average price level. The reduction in average in rate of price increase. Measure of average prices in the economy. Gdp deflator: broad measure of price level. Bureau of labor statistics survey of households. Market basket of goods used by typical urban family of 4. Real gdp fixes prices, cpi fixes quantities. Growth rate formula: art art c art x 100. X 100 costofbasketwith currentprices baseyearcost of basket x 100 i pit qit it. Consumer price index: used to measure change in price level over time. Average of prices received by producers of goods and services at all stages of production. Nominal value is the actual current dollar amount. Real value removes the effect of an inflator. Unanticipated inflation : harms those with long term contracts that are receiving payments (ex. fixed payments on a loan ~ hurts lenders, but helps borrowers)

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