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

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter15: Gross Domestic Product

Section: Chapter Questions

Problem 1SQ

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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. Goodland Economy 2017 and 2018 Items Production Price per/unit ($) Production Price per/unit ($) Rice (tons) 50,000 1.5 55,000 2 Wheat (tons) 1,00,000 2 98,000 2.5 Tractors 50,000 23,000 45,000 24,500.00 mid-size (units) Cotton (tons) 1,20,000 100 1,10,000 120 Used cars (units) 5,000 5,000 6,000 7,000 Manufacturing Garments (tons) 1,50,000 50 1,45,000 70 Eggs (trays) 2,000 2.5 2,300 3.5 Coca Cola (litres) 6,000 0.8 6,500 1.2 Pepsi Cola (litres) 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 (litres) 500 3.25 600 3.75 Milk (litres) 7000 2.3 7,500 2.5 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.…
Monthly Consumer Price Index from January 2015 to December 2020 (Source: STATIN) Month 2015 2016 2017 2018 2019 2020 January 85.4 88.6 90.9 95.2 97.4 102.5 February 84.8 87.9 91.1 95.1 97.4 103.2 March 85.3 87.8 91.4 95.0 98.2 102.9 April 85.4 87.5 91.7 94.6 98.3 103.7 May 85.9 87.7 91.8 94.6 99.1 103.8 June 86.3 88.5 92.4 95.0 99.0 105.2 July 87.0 88.9 92.9 95.9 100.0 105.7 August 87.7 89.3 93.2 96.8 100.8 105.9 September 88.1 89.7 93.8 97.9 101.2 106.1 October 88.4 89.9 94.2 98.6 101.8 106.9 November 88.8 90.3 94.7 98.6 103.2 107.6 December 89.0 90.5 95.2 97.6 103.6 109.0 From the Table above: In December 2018, Mr. Logan Hepburn began receiving a salary of $100,000 per month.Up to December 2020, his salary has remained unchanged. What is his ‘‘real wage’’ in December…
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Mm.44. Subject:- Economy
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