Goodland Economy 2013 and 2018 Price 2017 (Base year) Price 2018 Price per I tem Price per Unit ($) Production Unit ($) 55,000 98,000 45,000 2,450.00 110,000 6,000 7,000.00 Production 50,000 Rice ( tons) Wheat (tons) Tractors mid-size (units) Cotton (tons) Used cars Manufacture garments |( tons) Eggs (Trays) Coca Cola (litres) Pepsi Cola (litres) Beef (tons) Second hand cloths (tons) Alcoholic Beverages (litres) Milk (litres) 1.50 2.00 100,000 50,000 23,000.00 120,000 5.000 2.00 2.50 100.00 120.00 5,000.00 150,000 2,000 6,000 700 145,000 2,300 6,500 50.00 70.00 3.50 1.20 2.50 0.80 1.10 850 1.50 5,000 500 6.50 4,800 450 8.50 15.00 25.00 500 3.25 600 7,500 3.75 7,000 2.30 2.50

GDP is the total market value of goods and services produced ina country in a year. Google the GDP’s of three countries. Everyoneshould use different countries. Use one advanced economy, onedeveloping country, and then a country on a different continentthan the first two countries you found. What I want to know and youneed to share is current (1) total gdp, (2) gdp per capita and (3)gdp growth rate for the last year. Explain what has been happeningin the countries you chose. If you have heritage from anothercountry, share the gdp numbers from your country.

Homework GDP DIRECTIONS Each section below contains problems associated with a particular aspect of GDP. Use your knowledge of GDP to answer each question. You may use a calculator if needed. NOMINAL GDP AND REAL GDP 1) The following tables list GDP data for a fictional economy in two different years. Pretend this economy only produces these three items. What is the nominal GDP each year? Year 1 (Nominal GDP) Year 2 (Nominal GDP) Good Price Quantity GDP Cookies $2 50 Good Price Quantity GDP Doughnuts $5 35 Cookies $3 45 Cake $10 15 Doughnuts $7 40 ТОTAL Cake $1 25 TOTAL 2) Now calculate the real GDP for Year 2 using Year 1 as the base year. This means to use the Year 1 prices with the Year 2 quantities. Use the table to the right to fill in your Year 2 (Real GDP) Good Price Quantity Real GDP calculations. Cookies 45 Doughnuts 40 3) How much did nominal GDP for Year 2 overstate the growth in this economy? (i.e. How much larger was Year 2 nominal GDP than Year 2 real GDP?) Cake 25 TOTAL…

The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow.Goodland Economy 2013 and 2018 Is given in the image.     Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.