Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been chosen as the base year. In 2002, the basket's cost was $76.00; in 2004, the basket's cost was $79.50; and in 2006, the basket's cost was $85.00. The value of the CPI was:a. no more than 90 in 2001. b. 100 in 2002. c. at least 118 in 2007. d. 108 in 2004. e. 120 in 2006.
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