More Quick Review
What is an example of inflation? Explain
What is a price index is? How do you compute one?
How do you calculate inflation rates using price indices?
Using Consumer Price Index (CPI), how do you calculate U.S. inflation rates
What are the major shortcomings of the CPI as a measure of the cost of living?
Explain how the substitution bias and the quality improvement/new goods bias causes the CPI to overstate the cost of living
Contrast the CPI with other price indices, including the PPI and GDP Deflator
More More Quick Review
What are the ways inflation can blur the perception of supply and demand?
How can inflation cause redistributions of purchasing power
Explain the possible economic benefits of inflation
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