17. The consumer price index is used to convert nominal GDP into real GDP. turn dollar figures into meaningful measures of purchasing power. characterize the types of goods and services that consumers purchase. measure the quantity of goods and services that the economy produces. a b. C d. Por M 18. When the consumer price index falls, the typical family has to spend more dollars to maintain the same standard of living. b. can spend fewer dollars to maintain the same standard of living. finds that its standard of living is not affected. d can save less because they do not need to offset the effects of rising prices. C 19. The economy's inflation rate is the a price level in the current period. b. change in the price level from the previous period. c. change in the gross domestic product from the previous period. d. percentage change in the price level from the previous period. Fred