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QuizMultiple Choice

GDP and Changes in the Price Level

Question 1 • VT-GA-EOC-Personal Finance & Economics A ULHS

Producer Price Indexes by Major Commodities (1982 = 100) Commodities 1990 1991 1992 1993 1994 1995 1996 1997 1998 Farm Products 112.2 105.7 103.6 107.1 106.3 107.4 122.4 112.9 104.6 Apparel 117.5 119.6 122.2 123.2 123.5 124.2 125.1 125.7 126.7 Gasoline 78.7 69.9 68.1 63.9 61.7 63.7 72.8 71.9 53.4 Drugs and Pharmaceuticals 170.8 182.6 192.2 200.9 206.0 210.9 214.7 219.1 242.6 Tires 96.2 97.4 98.4 98.3 97.8 99.0 95.4 93.6 92.2 Lumber 124.6 124.9 144.7 183.4 188.4 173.4 179.8 194.5 179.5 Source: U.S. Department of Labor, Bureau of Labor Statistics, Producer Price Indexes, http://stats.bls.gov/. For which commodities in the table was the average price lower in 1998 than it was in 1992?

Answer
A
farm products and gasoline
B
drugs and pharmaceuticals and lumber
C
apparel and lumber
D
gasoline and tires
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