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 I tem Price 2017 (Base year) Price 2018_ Price per Unit ($) Production Unit ($) 1.50 2.00 Price per Production 50,000 100,000 50,000 23,000.00 120,000 5,000 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) 55,000 2.00 98,000 2.50 45,000 2,450.00 120.00 100.00 5.000.00 110,000 6,000 7,000.00 145,000 2,300 6,500 850 150,000 2,000 6,000 700 5,000 500 500 7,000 50.00 70.00 3.50 1.20 1.50 2.50 0.80 1.10 6.50 4,800 450 600 8.50 15.00 3.25 2.30 25.00 3.75 2.50 7,500 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.

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 I tem Price 2017 (Base year) Price 2018_ Price per Unit ($) Production Unit ($) 1.50 2.00 Price per Production 50,000 100,000 50,000 23,000.00 120,000 5,000 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) 55,000 2.00 98,000 2.50 45,000 2,450.00 120.00 100.00 5.000.00 110,000 6,000 7,000.00 145,000 2,300 6,500 850 150,000 2,000 6,000 700 5,000 500 500 7,000 50.00 70.00 3.50 1.20 1.50 2.50 0.80 1.10 6.50 4,800 450 600 8.50 15.00 3.25 2.30 25.00 3.75 2.50 7,500 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.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter13: Measuring The Economy's Performance

Section: Chapter Questions

Problem 4AA

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