Week 4- Cost of Living problem set Flashcards Preview

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Flashcards in Week 4- Cost of Living problem set Deck (15):
1

When box office receipts are NOT corrected for inflation-

Avatar is the most popular movie.

2

GDP Deflator reflects current level of prices to-

Prices for all goods produced domestically per year.

3

Consumer price index reflects prices for goods___

bought by consumers.

4

CPI is calculated___by___

calculated "monthly" by "BLS".

5

Most accurate statement for CPI___

CPI compares price of a fixed basket of goods to price of the basket in the base year.

6

Most accurate statement for GDP deflator___

Compares price of current good to price of the same good.

7

CPI measures___

Overall cost of goods bought by a consumer.

8

Economy’s inflation rate is the % increase in price index from___

Previous year.

9

CPI gauge how much incomes must rise to maintain___

A constant standard of living.

10

In the US, if price of imported oil rises, which causes price of gas and heating oil rise, then CPI___

Rises much more than GDP deflator.

11

CPI is the measurement for___

Cost of living.

12

CPI is used to turn___

Dollar figures into meaningful measures of purchasing power.

13

When CPI rises, we spends___

More to maintain the same standard of living.

14

When box office receipts are not corrected for inflation___

Gone w/ the Wind does not rank as one of the 50 most popular movies of all time.

15

Changes in Producer Price Index are thought to be useful in___

Predicting changes in CPI.