Answer:
1) The GDP deflator for this year is calculated by dividing the value of all goods and services produced in the economy this year using this year’s prices by the value of all goods and services produced in the economy this year using the base year’s prices and multiplying by 100. However, the CPI reflects only the prices of all goods and services bought by consumers.
A decrease in the price of a Chinese-made phone that is popular among U.S. consumers: CPI
An increase in the price of a Fisher King deep-water reel, a popular recreational fishing product built in Rarington, Indiana: GDP Deflator and CPI
2) CPI for this year is calculated by dividing the cost of a given market basket of goods and services using this year's prices by the cost of a given market basket of goods and services using the base year's prices and multiplying by 100. However, GDP deflator reflects only the prices of all goods and services produced domestically.
An increase in the price of a Japanese-made car that is popular among U.S. consumers: CPI
A decrease in the price of a Treewood handsaw, a popular chainsaw manufactured by Harvestwood Equipment in Bottleneck Springs, Arkansas: CPI and GDP Deflator
Explanation: Cencage