ECON 2 – macro

__________ implies that pressure for price increases reaches across _______________markets, not just one.

The effects of inflation are seen in:

Inflation implies that price levels _____________________.

Inflation can be calculated in terms of how the overall cost of ___________________ changes over time.

The most commonly cited measure of inflation in the United States is:

One of the reasons that a rise in the price of a fixed basket of goods over time tends to overstate the rise in a consumer's true cost of living, is:

The percentage change in the price level from one time period to the next, whether the price level is measured in terms of money or as a price index, will be the _____________.

When we want to measure wage inflation in the labor market, we use the:

The Producer Price Index is based on prices paid for supplies and inputs by:

The ____________________ is based on the prices of merchandise that are exported or imported.

In the early 1990's extremely high inflation rates of 2500% were common in Russia. This situation would be referred to as ___________________.

The situation where the buying power of money in terms of goods and services increases is called:

Which of the following is the name used to describe the price index that consists of intermediate goods and finished goods?

The GDP deflator is a price index that includes the following components of GDP:

With regards to the economy, the term negative inflation is synonymous with which of the following?

What distinguishes the real value of a statistic from the nominal value of a statistic?

When a price, wage, or interest rate is adjusted automatically with inflation, it is said to be __________.

In the 1970s and 1980s, labor unions commonly negotiated wage contracts that had _______________________ which guaranteed that their wages would keep up with inflation.

The effect of substitution bias is that the rise in the price of a fixed basket of goods over time tends to ___________________ the rise in a consumer's true cost of living, because it doesn't take into account that the person can substitute between goods according to changes in their relative prices.

The __________________ is the nominal interest rate minus the rate of inflation.

A payment is said to be ________________ if it is automatically adjusted for inflation.