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.

The table shows data for China and India for the year 2015. Compute the rGDP per capita to determine which country has the higher standard of living.

The table below shows nominal GDP (Y) data for Dream Island for 1990 and 2005. Also shown are data for the GDP deflator (P) and the population (N). Calculate annual growth rates for GDP and population and the average inflation rate for the 15 years. Then calculate real GDP growth and per- capita, real GDP growth annually for that period. Year Nominal GDP deflator Population GDP (1997-100) (in millions) (in $ millions) 1990 2708 71.7 220 2005 6738 126.1 260 a. Growth rate of Nominal GDP = b. Inflation rate = c. Growth rate of population = d. Growth rate of real GDP = e. Growth rate of real GDP per capita =

Bonus Question: Based on the table below, calculate National income and then GDP using the income approach as per the table below: Description Billions of dollars Compensation of employees 800 Corporate profits 200 Statistical discrepancy 70 Rental Income 400 200 Depreciation 20 Profits of government enterprises 120 Proprietor's income

gross private domestic investment $1593 personal taxes 1113 transfer payments 1683 taxes on production & imports 695 corporate income taxes 213 personal consumption expenditures 7304 consumption of fixed capital 1393 US Exports 1059 dividends 434 government purchases 1973 net foreign factor 10 undistributed corporate profit 290 sociual security contributions 748 US imports 1483 statistical discrepency  50   Refer to the accompanying national income data (in billions of dollars) CORPORATE PROFITS are equal to?

Calculate median income in 2000 (real) dollars for each of the 3 years. Suppose GDP in current (nominal) dollars and the GDP price index for the United States are as follows: Year 1990 2000 2005 GDP in current dollars (trillions) 6.0 10.0 15.0 Calculate GDP in 2005 (real) dollars for each of the 3 years. Price index [2000=100] 80 100 125

A hypothetical country of Narnia produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2017. Year 2016 2017 2018 2019 Price (Dollars per movie) 7.6% 7.5% Movies 7.2% 7% 10.00 11.00 12.00 12.00 Quantity Quantity (Movies) (Dollars per bag) (Bags) 500 600 650 625 Popcorn Refer to Table 23-5. What was the rate of inflation for Narnia in 2019? (Hint: round-off to the nearest decimal point) Price 5 4 5 6 1,000 900 950 925

Suppose a simple economy produces three goods only. The price and output data for some selected years are shown below.     Price (dollars) Price (dollars) Quantity (number) Quantity (number)   2002 2012 2002 2012 Pop Crackers Cucumbers 0.75 1.25 2.00 1.10 2.10 3.00 100 300 200 120 375 225   1) Assume that the reference base year is 2002 (CPI = 100)    a) What is the CPI (consumer price index) in 2012?     b) What is the nominal GDP in 2012?       c) What is the real GDP in 2012?     d) By what percentage did the economy grow between 2002 and 2012?

Answer ☐ U.S. Gas Prices in 2015 Month Price ($) March 2.556 April 2.499 May 2.749 June 2.863 July 2.877 August 2.779 Source: U.S. Energy Information Administration (Oct 2015) Sales in 2015: Grocery Stores Month Sales (Millions of Dollars) January 50,652 February 46,192 March 50,329 April 49,257 May 52,290 June 50,073

X.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 Price 2017 (Base year) Production Price 2018 Price per Unit ($) Production Price per Unit ($) 55,000 tem Rice ('000 tons) Wheat (000 tons) Tractors mid-size (units) Cotton (000 tons) Used cars ('00) Manufacture garments (000 tons) Eggs (000 Trays Coca Cola ('000 litres) Pepsi Cola ('000 litres) Beef (000 tons) Second hand cloths (000 tons) Alcoholic Beverages ('000 litres) Milk ('000) 50,000 100,000 1.50 2.00 23,000.00 2.00 98,000 45,000 2.50 24,500.00 50,000 120,000 5,000 150,000 110,000 6,000 100.00 120.00 5,000.00 7,000.00 50.00 145,000 70.00 2,000 6,000 2.50 3.50 2,300 6,500 0.80 1.20 700 1.10 850 1.50 5,000 500 500 7,000 6.50 4,800 8.50 15.00 450 25.00 3.25 600 3.75 2.30 7,500 2.50 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and…