(a) Calculate the nominal gross domestic product (GDP) for year 2.
(b) Using year 1 as the base year, calculate real GDP for year 2.
(c) Calculate the GDP deflator for year 2.
(d) Assuming the market basket is composed of the quantities in year 1, calculate the consumer price index (CPI)
for year 2
(e) Suppose apple and orange pickers received a 2 percent increase in their wages. Based on your answer to part (d),
would real wages of apple and orange pickers increase, decrease, or stay the same from year 1 to year 2 ? Explain.
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(a) Calculate the nominal gross domestic product (GDP) for year 2.
(b) Using year 1 as the base yea...
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