The GDP Deflator and Consumer Price Index


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question 1 of 3

If the consumer price index is equal to 100 in year 1, and 103 in year 2, what does this mean?

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1. Why is the GDP deflator considered superior to the consumer price index?

2. If the nominal GDP is $5 trillion in year 1, and the real GDP is $4.5 trillion, what is the GDP deflator?

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About This Quiz & Worksheet

You will be assessed on your ability to calculate price change via the Consumer Price Index and GDP Deflator, the relationship between the two, and how each work.

Quiz & Worksheet Goals

These assessments will help you indicate :

  • The superior of the two gauges
  • What each gauge represents
  • How each gauge works

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on the GDP Deflator and Consumer Price Index
  • Information recall - access the knowledge you've gained regarding our economic structure
  • Critical thinking - apply relevant concepts to examine information about price change in a different light

Additional Learning

If you want to learn more about price change, check out the accompanying lesson titled The GDP Deflator and Consumer Price Index. Areas covered include:

  • Application of the Consumer Price Index
  • Application of the GDP Deflator
  • Accuracy of both gauges
  • Formulas for each gauge