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Chapter 2: Intro to Macroeconomics by Gregory Mankiw
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This document covers the essentials of Chapter 2 from the book: Introduction to Macroeconomics by Gregory Mankiw.
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Summary Introduction to Macroeconomics Final Exam Notes
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Available practice questions
Inflation and CPI (Consumer Price Index)
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Some examples from this set of practice questions
1.
What is inflation?
Answer: Inflation is the general increase in the price levels of goods and services in the economy and a fall in the purchasing value of money.
2.
Inflation is measured via the?
Answer: 1) Consumer Price Index 2) GDP Deflator
3.
Consumer Price Index measures?
Answer: The consumer price index (CPI) measures the price of a fixed basket of goods and services purchased by a typical consumer.
4.
What is Consumer Price Index?
Answer: CPI is the weighted sum of prices of goods. The respective good\'s weight reflects the good\'s relative importance in the basket. Weights remain fixed.
5.
Consumer Price Index (CPI) is used for ?
Answer: 1) Tracking the changes in the average household\'s cost of living 2) Comparing dollar amounts over time. 3) Adjusting many contracts for inflation (\"COLA\'s\" or Cost of Living Allowances e.g. Social Security is adjusted for inflation every year.)
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