The first step in measuring the CPI is to O select the market basket. O conduct a monthly survey. O collect prices for the basket of goods and services. O interview businesses.If the CPI basket of goods cost $200 in the reference base period and $450 in a later year, the CPI in the later year equals O 225. O 250. O 300. 450.The Consumer Price Index is a measure of the average of the prices paid by for a fixed basket of consumer goods and services. O urban consumers O all consumers O urban wage earners and clerical workers O consumers living in cities with a population greater than 100,000If last year's price level was 100 and this year's price level is 114, over the year the inflation rate has been O 14 percent. O 114 percent. O 12 percent O 100 percent.If the basket of goods and services used to calculate the CPI cost $200 in the reference base period and $450 in a later year, the CPI for the latter year equals O 200. O 225. O 325. O 450