Term
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Definition
| A measure of the overall level of prices in the economy. |
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Term
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Definition
| A hypothetical set of consumer purchases of goods and services. |
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Term
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Definition
| Measures the cost of purchasing a given market basket in a given year. The index value is normalized so that it is equal to 100 in the selected base year. |
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Term
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Definition
| Measures the cost of the market basket of a typical urban American family. |
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Term
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Definition
| Measures changes in the prices of goods and services purchased by consumers. |
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Term
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Definition
| 100 times the ratio of nominal GDP to real GDP in that year. |
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