Base year -...

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Base year   -  The year from which constant prices or quantities are taken in calculations  of such indices as real GDP and CPI.  Bureau of Labor Statistics   -  The government organization responsible for regularly  gathering data about the economic status of the population.  Consumer price index (CPI)   -  A cost of living index that measures the total cost of  goods and services purchased by a typical consumer within a country.  Fixed basket   -  A set group of goods and services whose quantities do not change  over time. This is used, for instance, in the calculation of the CPI.  Gross domestic product (GDP)   -  The sum of the market values of all final goods and  services produced within a particular country during a period of time.  Gross domestic product deflator (GDP deflator)   -  The ratio of nominal GDP to real  GDP for a given year minus 1. The GDP deflator shows how much of the change in the 
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This note was uploaded on 12/13/2011 for the course ECO 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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Base year -...

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