Price Level in Economics: Definition & Equation


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What is the measurement of current prices of goods and services produced in the economy in a specific region or country at a specific time?

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1. Which one is a popular way to measure price level?

2. Which two situations can change the price level?

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About This Quiz & Worksheet

Review this quiz and worksheet on price level in economics. You will need to know topics like the measurement of prices and goods and services in a specific economy and a popular way of measuring price level.

Quiz & Worksheet Goals

Use the worksheet and quiz to:

  • Recognize situations that can change price level
  • Identify items on and off the consumer price list
  • Multiply the base year

Skills Practiced

These following skills will be practiced:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on price level in economics
  • Critical thinking - apply relevant concepts to examine information about the consumer price list in a different light
  • Interpreting information - verify that you can read information regarding base year and interpret it correctly

Additional Learning

For more insight into this economic concept, check out our lesson entitled Price Level in Economics: Definition & Equation. It will cover the following objectives:

  • Define price level
  • Recognize the changes to price level
  • Understand how to measure price level