2. Consider an economy populated by Farmer Freddy, Baker Betty, and a bunch of consumers. Freddy and Betty each own their respective businesses, so they keep all profits. Freddy hires labor and grows 100,000 bushels of wheat. He sells 60,000 of those bushels to Betty for $5 per bushel and exports 40,000 bushels abroad at $5 per bushel. Freddy pays $400,000 in wages to the consumers. Betty hires labor and uses the wheat to produce 300,000 loaves of bread, which she sells to the consumers at $2 each. Betty pays $250,000 in wages to the consumers. In addition to buying Betty's bread, the consumers import $50,000 worth of peanut butter and jelly from abroad - to make sandwiches, of course. (a) Calculate gross domestic product for this economy using the product approach. (b) Calculate gross domestic product for this economy using the expenditure approach. (c) Calculate gross domestic product for this economy using the income approach