The table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow.
|
Item |
Base year 2019 |
2020 |
||
|
|
Production |
|
Production |
Price |
|
Used cloth (units) |
4,000 |
50.00 |
5000 |
60.00 |
|
Components used tractor factory production |
8,000 |
500.00 |
11000 |
1,200.00 |
|
Cloth |
8,000 |
25.00 |
12,000 |
30.00 |
|
Beef gifts during cultural festival |
1,500 |
2.00 |
1,700 |
3.00 |
|
Milk litres |
5,000 |
1.30 |
7,000 |
2.50 |
|
Computers |
2000 |
500.00 |
2,500 |
600.00 |
|
Printers |
500 |
300.00 |
400 |
355.00 |
|
Raw materials for car assembling plant |
4500 |
250.00 |
4450 |
300.0 |
- Calculate Khada Republic’s nominal
GDP , real GDP in 2020 and GDP deflator
2. Examine the importance of a GDP deflator for Khada Republic
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