- a dollar valued according to its purchasing power in an arbitrarily set year and then adjusted for price changes in other years so that real purchasing power can be compared by giving prices as they would presumably be in the base year.
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The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.