Name:__________________________________________________Hour:________________ http://www.bls.gov/cpi/cpifaq.htm 1. The CPI reflects the spending habits of which 2 population groups? 2. How is the CPI market basket determined? 3. Name 3 items that you’ve most recently purchased. Do they fall into the CPI basket of goods? Under which category? a. Item 1 b. Item 2 c. Item3 4. What types of taxes are included in the CPI? 5. To which base years are most CPI numbers calculated? 6. What would a CPI of 150 indicate? 7. Which CPI area index would we be included in? (for metropolitan areas) how often is this number calculated? 8. Describe one of the limitations of the CPI. Choose one of the products given in this link. http://data.bls.gov/cgi-bin/surveymost?ap 9. Which product did you pick? 10. What was the average price of your product for the month of April 2009? 11. Since 2000, when was your product cheapest? 12. Since 2000, when was your product most expensive? 13. Using this calculation (new-old/old)*100 what is the percentage change in the price of your product from January 2000 to January 2008?