Suppose the index of prices received by farmers for 2012 was 1.70 and the base year of this index was 1996. Then
A) relative to 2012, prices received by farmers were 70% lower in 1996.
B) relative to 2012, prices received by farmers were 70% higher in 1996.
C) relative to 1996, prices received by farmers were 70% higher in 2012.
D) relative to 1996, prices received by farmers were 70% lower in 2012.
C) relative to 1996, prices received by farmers were 70% higher in 2012.
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