(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.
Answers: 2
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China white was the black market selling of ivory, in which the profit was redistributed back into the trafficking of heroin.
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E11-2 (multiple choice) identify the best answer for each of the following: which of the following statements about internal service fund liabilities is false? internal service funds may report both current and long-term liabilities. internal service funds may not issue bonds for financing purposes. internal service funds may report contingent liabilities. due to other funds would be reported as a current liability
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As more people migrated west during the gold rush, what do you think happened to the demand curve in most western markets, holding all else constant? a. there was no shift, nor any increase or decrease in quantity demanded. b. there was no shift, but there was a decrease in quantity demanded. c. the demand curve shifted to the left. d. the demand curve shifted to the right. e. there was no shift, but there was an increase in quantity demanded.
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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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