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.

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

A: Nominal GDP for 2017 can be calculated by adding the total revenue from each product in 2017 Nominal…

Q: Part a) Fill in the rest of the table. Part b) Calculate the growth of real GDP from 2012 to 2013…

A: Nominal GDP is the market value of goods and services produced in an economy while Real GDP is the…

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

A: The Real GDP is the summation of the money value of all the final goods and services produced within…

Q: Suppose you are reading a magazine showing a figure that plots the U.S. GDP from 1900 to 2012 in…

A: GDP shown in 2005 chained dollars means that the real GDP is calculated with chain weighted price…

Q: GDP is a very important measure of economic performance. It is also used to measure standard of…

A: Expansions in Product Quality    As technology propels, makers can offer progressively better items…

Q: Please use the following information to calculate the rate of inflation between the two periods…

A: GDP Deflator = Nominal GDP / Real GDP * 100 Inflation rate = Percentage increase in GDP deflator

Q: The table shows some data for an economy which produces only pizzas and tooth paste. The base year…

A: The term ‘GDP’ or gross domestic product refers to the market value of all services and commodities…

Q: Q)The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017.…

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

Q: Given the below information, find the nominal GDP for all four quarters. Find the price index for…

A: Hey, thank you for the question. Since there are multiple questions posted, we will answer the first…

Q: Fill in the blank for the following : GDP is the market value of all ............ produced in a…

A: Pens, flour, oranges, and caps are examples of goods that are commonly measurable. Healthcare…

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

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

Q: Calculate Happy Land Republic’s nominal GDP and real GDP in 2016 ii. Why does real GDP always…

A: Gross domestic product (GDP) is the money value of all final goods and services produced in an…

Q: Determine whether each description refers to nominal gross domestic product (GDP) or real GDP. A…

A: Solution -  Definition  GDP - GDP is a measure to calculate total output of a country in a year .…

Q: Output and Prices for 1995 and 1996 Product Quantity produced in 1995 Price in 1995 Quantity…

A: Answering First three parts as per guidelines Nominal GDP = Current Year Price * Current Year…

Q: Consider a macroeconomy that produces smartphones, automobiles and haircuts. Use the information…

A: GDP includes the market value of goods and services produced in the economy within a given period of…

Q: The table shows some data for an economy which produces only pizzas and tooth paste. The base year…

A: 2018                                                                                            2019…

Q: Output and Prices for 1995 and 1996 of Product Quantity produced in 1995 Price in 1995 Quantity…

A: Nominal GDP measures the money value of all final goods and services produced in an economy during a…

Q: One of the shortcomings of GDP is that it: a. excludes non-market activities b. excludes the value…

A: GDP is the market value of final goods and services produced within a country during an accounting…

Q: Which statement best describes the difference between Nominal and Real GDP? Group of answer choices…

A: Nominal GDP measures the value of goods and services at current market prices. Real GDP measures the…

Q: When we compare the difference between Nominal GDP and Real GDP we note A. Nominal GDP is always…

A: Real GDP is calculated on the basis of base or fixed year while current GDP is calculated on the…

Q: Find real GDP in year 2001. Suppose a hypothetical national economy can be represented by the…

A: Nominal GDP is the market value of goods and services produced in an economy, unadjusted for…

Q: Instructions: Round your responses to the nearest billion, If you are entering any negative numbers…

A: The given table gives information about the nominal GDP and GDP deflator for year 2000 to 2019.

Q: The GDP price index in the United States in 2016 was about 106, and real GDP in 2016 was $17.7…

A: Given data: In 2016, GDP price index was 106 Real GDP = $17.7 trillion

Q: Which of the following items is not part of the GDP calculation? Select one: O a. A number of…

A: We define GDP or the gross domestic product as the value of all the final goods and services which…

Q: Complete the following statements. GDP------------ is calculated using current year prices.…

A: GDP nominal is calculated using current year prices.

Q: The economy of Tuland produces only two products apples and dvds. The following information is…

A: Real GDP for 2009: GDP=(price of apples×quantity of apples)+(price of DVD×quantity of DVD)Real…

Q: Describe the following term: "Unemployment".  Is it: Inflation Price Level National Income none of…

A: Unemployment is defined as when an individual who is willing to work but he is unable to find any…

Q: Nominal GDP in Nowhereland in 2002 and 2003 increased from $4 trillion to $4.8 trillion. Can you say…

A: Nominal Gdp is the value of services and goods produced in an economy over a given  period of time.…

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

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

Q: Suppose that the UK’s nominal GDP in 2018 was £2.1 billion, while the GDP in real terms for 2018 is…

A: Nominal GDP = 2.1 billion Real GDP = 1.4 billion

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

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

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

A:

Q: The table below is extracted from Happy land Republic, Bureau of Statistics records for 2018-2019.…

A: (i) Nominal GDP can be calculated as follows: Thus, the nominal GDP is $14,668,600. Real GDP can be…

Q: Gross Domestic Product was designed as a measure of economic activity, specifically a measure of…

A: GDP is used to measure a society’s standard of living, but it is not a thorough indicator since it…

Q: The difference between Nominal GDP and Real GDP is

A: Usually there must be change between nominal gdp and real gdp.

Q: If Philippines GDP exceeds Philippines GNP, then a. foreigners are producing more in the Philippines…

A: GNP = GDP + Net factor income from abroad Where Net factor income from abroad =  factor income…

Q: was about 106, and real GDP in 2016 was $17.7 trillion (2012 dolla e GDP price index in the United…

A: Nominal GDP measures market value of goods and services using current prices whereas real GDP uses…

Q: Real GDP 1992 Time Refer to the above diagram. Which of the following statements is correct?…

A: GDP is the value of all final goods and services produced in an economy over a period of time. It is…

Q: GDP rises from $5.5 trillion in 2014, the base year, to $9.5 trillion in 2018. The GDP deflator in…

A: Nominal GDP = Current Year Prices * Current Year Quantities Real GDP = Base Year Prices * Current…

Q: If real GDP has decreased, which of the following statements is always true? a. Nominal GDP is lower…

A: The market value of all final goods and services produced in the economic territory of the country…

Q: Which of the following are included as part of India’s GDP? (i) Activities in Indian embassies and…

A: GDP is the final value of all the goods and services produced within the domestic territory.

Q: A country reported nominal GDP of $200 billion in 2006 and $180 billion in 2005; it reported a GDP…

A: "GDP represents the market value of all the final products and services produced in a country at a…

Q: 1. GDP rises from $4 trillion in 2010 to $7 trillion in 2013. The GDP deflator in 2013 is 120. Find…

A: Note: You have uploaded more than one question at a time. Therefore, we shall solve the first one…

Q: Following is data for a hypothetical economy. The base year is 2002 (Price index = 100). Nominal GDP…

A: Given : Base Year is 2002 where Price index is 100.

Q: You are given the following GDP data (in millions of GDP: 1,720,748 Statistical Discrepancy +477…

A: GDP or the gross domestic product is the value of all the final goods and services which are newly…

Q: The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use…

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