A price level is a hypothetical measure of overall prices for some set of goods and services, in a given region during a given interval, normalized relative to some base set. Typically, a price level is approximated with a price index.
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Famous quotes containing the words price and/or level:
“They give us a pair of cloth shorts twice a year for all our clothing. When we work in the sugar mills and catch our finger in the millstone, they cut off our hand; when we try to run away, they cut off our leg: both things have happened to me. It is at this price that you eat sugar in Europe.”
—Voltaire [François Marie Arouet] (1694–1778)
“Preschoolers sound much brighter and more knowledgeable than they really are, which is why so many parents and grandparents are so sure their progeny are gifted and super-bright. Because children’s questions sound so mature and sophisticated, we are tempted to answer them at a level of abstraction far beyond the child’s level of comprehension. That is a temptation we should resist.”
—David Elkind (20th century)