Price indexes like the CPI are calculated using a base year. The term base year refers to a. the first year that price data are available. b. any year in which inflation was higher than 5 percent. c....

Price indexes like the CPI are calculated using a base

year. The term base year refers to

a. the first year that price data are available.

b. any year in which inflation was higher than 5

percent.

c. the most recent year in which the business cycle

hit the trough.

d. an arbitrarily chosen reference year.