To measure the inflation rate, we calculate the percentage change ini.  the consumer price indexii.  the GDP deflatoriii.  real GDPiv.  nominal GDP    a.iii   b. any of these c. i, ii, or iii  b. i or ii

Greater than/less than/same

Real GDP is a. the nominal value of all real goods produced in the nation in year. b. Nominal GDP corrected for changes in the average of overall prices. c. a misnomer since all GDP figures have to be in dollar values. d. the value of output in current dollars.

Consider the table below Year Fruit Index Fruit Inflation Real GDP Nominal GDP GDP Deflator GDP Inflation 2005 93.48 x 4438.40 4162.00 93.77 x 2006 100.00 a 4768.00 d 100.00 6.64 2007 b 3.89 5163.43 5355.35 103.72 e 2008 115.33 c f 6514.45 114.78 10.66 Based on the values of the table, what is the value of d ? (Please round your answer to include 2 decimal places.)

WHich of the following is a NOMINAL variable?   a.Price level b.Unemployment c.Investment d.Real GDP

What information is given by the CPI?   The CPI tells us _______.     A. the price level in a given period expressed as a percentage of the price level in the base period, which equals zero   B. the price level in a given period expressed as a percentage of the price level in the base period, which equals 100   C. the inflation rate in a given period compared to the inflation rate in the base period, which equals 100   D. the inflation rate in a given period compared to the inflation rate in the base period, which equals zero

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