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Thoughts for quiz 2

A
Adam Jones

This document discusses key economic indicators used to measure output and inflation including nominal GDP, real GDP, the consumer price index, headline inflation, core inflation, and interest rates. It asks questions about how to calculate and use these indicators and addresses their weaknesses. The document directs the reader to practice problems in modules on GDP and the CPI.

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How do we calculate nominal GDP? Real GDP? Which should we use to measure output? What are the weaknesses of GDP? What is the consumer price index? How do we use it to measure inflation? What are the three problems with the CPI? What is headline inflation? What is core inflation? How can we convert prices across time? Which price index should we use for which prices? What is the real interest rate? Nominal interest rate? See the practice problems in the GDP and CPI Modules.

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Thoughts for quiz 2

  • 1. How do we calculate nominal GDP? Real GDP? Which should we use to measure output? What are the weaknesses of GDP? What is the consumer price index? How do we use it to measure inflation? What are the three problems with the CPI? What is headline inflation? What is core inflation? How can we convert prices across time? Which price index should we use for which prices? What is the real interest rate? Nominal interest rate? See the practice problems in the GDP and CPI Modules.