The broadest price index to calculate real GDP is the GDP deflator, which equals the ratio of the cost of buying all final goods and services in the current year to the cost of buying the identical goods at base-year prices.

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The GDP deflator is indeed the broadest measure of the price level, encompassing the prices of all goods and services included in GDP. It is calculated as the ratio of nominal GDP to real GDP, effectively measuring the overall change in prices across the economy between the base year and the current year.

The Broadest Price Index to Calculate Real GDP Is the GDP