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# ch11quiz - Chapter 11 Measuring the Cost of Living 1 To fix...

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Chapter 11 Measuring the Cost of Living 1. To fix the basket for the CPI, the Bureau of Labor Statistics: a. sets up a committee that decides, based on its own experience, what items will be in the basket. b. reviews the things produced in our economy and selects some of these to include in the basket. c. reviews national expenditure patterns in the economy, and selects a basket that reflects these patterns. d. surveys a large number of consumers to find what they buy, then fixes a basket based on its findings. 2. Suppose the cost of the basket in 2005 was \$3,300, and the cost of the basket in the base year was \$3,000. Find the CPI for 2005. a. 10 b. 909 c. 110 d. 11 3. Suppose the CPI at the end of 2004 was 150 and the CPI at the end of 2005 was 165. Calculate the inflation rate for 2005.

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ch11quiz - Chapter 11 Measuring the Cost of Living 1 To fix...

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