Question

John complained to his buddy, frank, that prices have increased a lot over the past year. frank disagreed, saying that the prices of some goods have gone up a bit, but other prices have declined, noting that you can get some good buys on houses right now. frank feels that the average price of consumer goods hasn't changed. frank and john can refer to the

Answer 1

frank and john can refer to the Gross Domestic Product (GDP) to understand how government economists view the price situation, GDP accounts for changes in price level and provide a more accurate figure of economic activities over a given period of time.