Chained CPI Quiz

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Question 1

What is “chained CPI”?

a method to revive a person who is choking
a measure of inflation that accounts for consumers’ choices
the measure of inflation currently used by the federal government
a “market basket” of goods purchased by the average consumer

Question 2

What effect did discussion of chained CPI have on the Fiscal Cliff negotiations?

It brought both sides together in a compromise.
It provided a way to cut spending and raise revenue starting on January 1, 2013.
It nearly derailed an agreement.
It was factored into a backroom deal.

Question 3

Compared to the consumer price index used to calculate current Social Security benefits, chained CPI

would likely reduce benefits significantly.
would likely raise benefits slightly.
would likely decrease benefits slightly.
would likely decrease benefits significantly.

Question 4

According to the CNN Money article, use of chained CPI would result in which of the following for Social Security recipients?

The change would barely be felt over a one-year period.
The longer a beneficiary lives, the larger their loss in terms of increased benefits.
Cost-of-living adjustments would decline slightly relative to regular (unchained) CPI.
All of the above

Question 5

Why do many political observers believe that “chained CPI” will be part of future legislation to deal with the federal budget?

It is a more accurate measure of inflation.
It could provide the government with billions of dollars in savings.
Interest groups such as AARP will demand it.
It is not as controversial as it sounds.

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