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aggregate price level
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is the measure of the overall level of prices in the economy
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market basket
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a hypothetical set of consumer purchases of goods and services
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price index
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a measurement that shows how the average price of a standard group of goods changes over time
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Consumer Price Index (CPI)
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measures the cost of the market basket of a typical urban American family
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Producer Price Index (PPI)
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measures the prices of goods and services purchased by producers
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GDP deflator
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a given year is 100 times the ratio of nominal GDP to real GDP in that year
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