Consider a consumer price index whose base year is 2002. 1. The value of the CPI in 1977 (the year in which I graduated from high school) was 33.6. What can we conclude relative to the base year? 2. Thirty years later in 2007 the value of the CPI was 111.5. How does one interpret that figure? 3. By what percentage must wages have risen over that period in order for workers to have maintained a constant real wage?