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3 Cards in this Set

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  • Back
Consumer Price Index

CPI
a cost of living index that measures the total cost of goods and services purchased by a typical consumer within a country
Nominal GDP
the sum value of goods and services produced in a country and valued at current prices
Real GDP
the sum value of goods and services produced in a country and valued at constant prices calibrated from some base year. Real GDP frees year-to-year comparisons of output from the effects of changes in the price level.