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Price of a Quantity of Price of a Unit of Apricots Apricot Units Unit of Olives $10 The table above shows data for the economy

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Price of a Quantity of Price of a Unit of Apricots Apricot Units Unit of Olives $10 The table above shows data for the economy of Fiji, which produces two goods. apricots and olives. (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 deator 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 apricot and olive pickers received a 2 percent increase in their wages. Based on your answer to part (d), would real wages of apricot and olive pickers increase, decrease, or stay the same from year 1 to year 2? Explain

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