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The consumer price index is used to monitor changes in an economy's production of goods and services over time.

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The purpose of measuring the overall level of prices in the economy is to permit comparison between dollar figures from different times.

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The producer price index measures the cost of a basket of goods and services bought by firms rather than consumers.

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It is possible to observe a positive nominal interest rate together with a negative real interest rate.

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The group of goods and services used to compute the GDP deflator changes automatically over time,but the group of goods and services used to compute the CPI does not.

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The real interest rate tells you how fast the purchasing power of your bank account rises over time.

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The inflation rate for 2007 is computed by dividing (the CPI in 2007 minus the CPI in 2006)by the CPI in 2006,then multiplying by 100.

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Data from the Bureau of Labor Statistics show that consumer spending on medical care is about equal to consumer spending on housing.

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If the nominal interest rates rises,then the inflation rate must have increased.

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The Bureau of Labor Statistics surveys consumers to determine a fixed basket of goods.

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When a new good is introduced,consumers have more variety from which to choose,and this in turn increases the cost of maintaining the same level of economic well-being.

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When some dollar amount is automatically corrected for inflation by law or contract,the amount is said to be indexed for inflation.

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Each week,the Bureau of Labor Statistics computes and reports the consumer price index.

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In the late 1970s,U.S.nominal interest rates were high and real interest rates were low,but in the late 1990s,U.S.nominal interest rates were low and real interest rates were high.

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Suppose the CPI in 1950 was 24.1 and the CPI in 1975 was 53.8. When Ken's income rose from $10,000 per year in 1950 to $20,000 per year in 1970,Ken's standard of living improved between 1950 and 1970.

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Bob deposits $100 in a bank account that pays an annual interest rate of 5 percent.A year later,Bob withdraws his $105.If deflation was 5 percent during the year the money was deposited,then Bob's purchasing power has not changed.

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A dollar figure from 1908 is converted into 2008 dollars by dividing the 2008 price level by the 1908 price level,then multiplying by the 1908 dollar figure.

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The CPI is a measure of the overall cost of the goods and services bought by a typical consumer.

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The inflation rate reported in the news is usually calculated from the GDP deflator rather than the consumer price index.

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Price indexes allow comparisons of dollar figures over time and provide us a sense of how the economy is changing.

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