The table below is extracted from Goodland Republic Bureau of Statistics records for2016 -2017. Use the information to answer the questions that follow.Examine the status of the economic welfare in Goodland Republic in 2018 based onyour GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it isnecessary to calculate real GDP. Show your work.Goodland Economy 2013 and 2018ItemPrice 2017(base year)Price 2018 ProductionPrice per unit $ProductionPrice per unit $Rice(tons)50,0001.555,0002wheat (tons)100,000298,0002.5Tractors(mid size (units)50,00023,00045,0002450cotton (tons)120,000100110,000120used cars5,00050006,0007000Manufacture garments(tons)150,00050145,00070Eggs (trays)2,0002.52,3003.5coca cola(liters)6,0000.86,5001.2pepsi cola (liters)7001.18501.5Beef(tons)5,0006.54,8008.5second hand clothes(tons)5001545025alcoholic beverages(liters)5003.256003.75Milk (liters)7,0002.37,5002.5

The value of all the final goods and services produced in an economy during a financial year is…

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Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 5PA

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The table below is extracted from Goodland Republic Bureau of Statistics records for
2016 -2017. Use the information to answer the questions that follow.

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.

Goodland Economy 2013 and 2018

Item	Price 2017(base year)	Price 2018
	Production	Price per unit $	Production	Price per unit $
Rice(tons)	50,000	1.5	55,000	2
wheat (tons)	100,000	2	98,000	2.5
Tractors(mid size (units)	50,000	23,000	45,000	2450
cotton (tons)	120,000	100	110,000	120
used cars	5,000	5000	6,000	7000
Manufacture garments(tons)	150,000	50	145,000	70
Eggs (trays)	2,000	2.5	2,300	3.5
coca cola(liters)	6,000	0.8	6,500	1.2
pepsi cola (liters)	700	1.1	850	1.5
Beef(tons)	5,000	6.5	4,800	8.5
second hand clothes(tons)	500	15	450	25
alcoholic beverages(liters)	500	3.25	600	3.75
Milk (liters)	7,000	2.3	7,500	2.5

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