I may have understood your requirement wrong.
If you want to change the selected item then it is just matter of changing "selected" attribute.
Let say I want to change it to Trillion, then this is how the code will look like:
<select name='list_" + i + "' id='list'>
<option value='0' selected='selected'>Trillion(s)</option>
<option value='1' >Billion(s)</option>
<option value='2'>Million(s)</option>
<option value = '3'>Below One Million</option>
</select>
Now let say you want to change the selected item through pure javascript(NO JQUERY)
Here is full example, the selected item will change when you click button. Note: It is just a matter of changing the index.
<head>
<title> Changing selected option in drop-down menu in JS</title>
<script type="text/javascript">
function changeSelected(){
document.getElementById("list").selectedIndex = 1;
};
</script>
</head>
<body>
<p> Test string....</p>
<td>
<select name='list_" + i + "' id='list'>
<option value='0' selected='selected'>Trillion(s)</option>
<option value='1' >Billion(s)</option>
<option value='2'>Million(s)</option>
<option value = '3'>Below One Million</option>
</select>
<button onclick="changeSelected()">Try It</button>
</td>
</body>