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22 June, 00:52

The average price level is measured by a. the price of oil. b. the rate of inflation. c. the nominal interest rate. d. the GDP deflator or the CPI.

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  1. 22 June, 00:57
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    the GDP deflator or the CPI.

    Explanation:

    The consumer price index measures the average price levels in the economy. It considers commonly purchased products and services and monitors any changes in prices in comparison to previous periods. The CPI shows increment or decline in prices for a basket of goods and services. It uses prices as the beginning of a period as the base price to track price differences.

    The GDP deflator is an indicator of the inflation level. It is calculated by dividing the nominal GDP by real GDP and multiplying the result by 100.

    Both CPI and the GDP deflator are used to measure the rate of inflation. Inflation is the rate of price increment in an economy over a period. Therefore, the CPI and the GDP deflator are measures of price changes in the economy.
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