2. A hypothetical economy produces only two items: maple syrup and trips to a local tourist attraction. The quantities and prices of these items are as shown in Table 1. Year Price of Maple Syrup Price of Trips Quantity of Maple Syrup Number of Trips 1 $11 $250 300 425 2 $13 $258 310 570 $12 $260 324 550 4 $14 $262 410 580 a. Calculate nominal GDP, real GDP, and the GDP deflator. b. What is the difference between nominal GDP and real GDP? c. Calculate the inflation rate between years 2 and 3, and between years 3 and 4. d. What is the difference between GDP and GNP? e. Define consumer price index and explain three ways in which it differs from the GDP deflator