quiz 3 Flashcards
1
Q
iInflation rate for ENTIRE economy
A
use gdp deflator, percent change
2
Q
rate of ECONOMIC GROWTH
A
use real gdp of both years, percent change
3
Q
calculate gdp deflator
A
nom/real x 100
4
Q
Inflation rate of CONSUMERS
A
use CPI, g formula
5
Q
adjusting prices for CONSUMERS
A
nominal x (CPI f/CPII)
6
Q
real intrest rate for CONSUMERS
A
nominal IR- CPI change in that year= RIR
7
Q
recession
A
real gdp declines
8
Q
rule of 70
A
70/ % growth rate
