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Two events are independent if the probability of one event is influenced by whether or not the other event occurs.
GDP Deflator
An economic metric that converts the gross domestic product (GDP) from current market prices into constant dollar terms in order to measure the real growth of an economy, excluding the effect of inflation.
GDP Deflator
An economic measure of inflation that reflects changes in the price level of all goods and services produced domestically, adjusting nominal GDP into real GDP.
Price Level
The aggregate price mean of the complete variety of goods and services within the economy.
Base Year
A specific year against which economic growth is measured, serving as a standard comparison for other years in index numbers and price comparisons.
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