Suppose that the cost of a representative basket used to calculate the Consumer Price Index (CPI) is $500 in the base year 2000 and the CPI in the year 2017 is 110. The cost of the representative basket in 2017 is _____, and the rate of inflation between 2000 and 2017 is _____ percent.
A) 110; 10
B) 550; 5
C) 500; 10
D) 550; 10
Correct Answer:
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