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2 cards from this section. Quick, good the night before a test.
Define index number.
What does it measure in economics?
What does CPI stand for?
Think about living costs.
What does CPI measure?
Think about where consumers buy their goods.
True or False: WPI includes retail prices.
Consider the market level being referred to.
Calculate the CPI given the following prices: Year 2000 (P: $100), Year 2020 (P: $150).
Use the basic CPI formula.
Discuss how a rising WPI might influence consumer behavior.
Think about price sensitivity in consumer habits.
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