Q)The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to show 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. The figure has been attached below

The omission of household production from GDP means that GDP total production and the growth rate of total production. A. overestimates; underestimates B. underestimates; underestimates C. underestimates; overestimates D. overestimates; overestimates E. underestimates; does not bias

This question considers GDP in a country in a single year. Which TWO of the following statements are correct?Select one or more: a. GDP can be measured by summing the total value added by all industries. b. GDP can be measured by adding up the value of all production by all industries. c. GDP can be measured by adding up all factor incomes paid in an economy. d. GDP in expenditure terms can be measured as the sum of C+I+G+X

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.

OMAN'S ECONOMIC PROFILE The Sultanate of Oman has had extraordinary economic development since 2004, primarily due to the exploitation of its oil reserves. However, growth rates declined in 2019 to 0.5% as oil production remains capped by the OPEC production cut agreement, and also because of the slowdown in household consumption. AS percentage of GDP, net exports account to roughly 12%. Oman has a relatively healthy economic and financial situation. Its government debt (estimated at 38.9% in 2019) is small compared to its gold and foreign currency reserves, although is expected to grow in the coming years. As of 2019, government expenditures as a part of GDP accounts to 24.9% (The World Bank, 2021). Oman Private Consumption contribution to GDP has an average share of 40.6 % (CEIC, 2020). The industrial sector accounts for 46.7% of GDP and employs 36.1% of the workforce (World Bank). Its share has increased considerably in the last two decades (employment in industries was as low as…

1. A simple economy produces three commodities: beer, cheese, and popcorn. The following data shows total production for this economy in 1999 and 2000: Beer Cheese Popcorn 1999 2000 1999 Quantity 200 300 100 1999 2000 Using 1999 as the base year, complete the following table for the economy: Nominal GDP (a) (b) Nominal GDP Real GDP 10,000 (1) (c) (d) 1999 Price $ 6.00 7.00 7.00 Real GDP (2) (3) GDP Price Index (e) (f) 2000 Quantity 200 300 100 Inflation Growth rate of rate nominal GDP 2. Complete the following table for a simple economy, assuming that 1999 is the base year: GDP Price (g) Index (4) (5) Inflation rate 2000 Price $7.00 9.00 9.00 --- (h) 5% Growth rate of real GDP Growth rate of nominal GDP (6) (i) Growth rate of real GDP 5%

Subject: Business economics Problem # 5): Suppose that a simple economy produces only the following four goods and​services: shoes,​hamburgers, shirts, and cotton. ​ Further, assume that all of the cotton is used in the production of shirts. Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2015. PRODUCTION AND PRICE STATISTICS FOR 2015 Product Quantity Price Shoes 100 60 Hamburgers 100 2 Shirts 50 25 Cotton 8000 0.6

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.

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. GoodLand Econmoy 2017-2018 attached image