Goodland Economy 2013 and 2018 Price 2017 (Base year) Price 2018 Price per I tem Price per Unit ($) Production Unit ($) 55,000 98,000 45,000 2,450.00 110,000 6,000 7,000.00 Production 50,000 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 2.00 100,000 50,000 23,000.00 120,000 5.000 2.00 2.50 100.00 120.00 5,000.00 150,000 2,000 6,000 700 145,000 2,300 6,500 50.00 70.00 3.50 1.20 2.50 0.80 1.10 850 1.50 5,000 500 6.50 4,800 450 8.50 15.00 25.00 500 3.25 600 7,500 3.75 7,000 2.30 2.50
Goodland Economy 2013 and 2018 Price 2017 (Base year) Price 2018 Price per I tem Price per Unit ($) Production Unit ($) 55,000 98,000 45,000 2,450.00 110,000 6,000 7,000.00 Production 50,000 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 2.00 100,000 50,000 23,000.00 120,000 5.000 2.00 2.50 100.00 120.00 5,000.00 150,000 2,000 6,000 700 145,000 2,300 6,500 50.00 70.00 3.50 1.20 2.50 0.80 1.10 850 1.50 5,000 500 6.50 4,800 450 8.50 15.00 25.00 500 3.25 600 7,500 3.75 7,000 2.30 2.50
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The table below is extracted from Goodland Republic Bureau of Statistics records for2016 -2017. Use the information to answer the questions that follow.
Examine the status of the economic welfare in Goodland Republic in 2018 based onyour GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.
Transcribed Image Text:Goodland Economy 2013 and 2018
Price 2017 (Base year) Price 2018
Price per
I tem
Price per
Unit ($) Production Unit ($)
55,000
98,000
45,000 2,450.00
110,000
6,000 7,000.00
Production
50,000
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
100,000
50,000 23,000.00
120,000
5.000
2.00
2.50
100.00
120.00
5,000.00
150,000
2,000
6,000
700
145,000
2,300
6,500
50.00
70.00
3.50
1.20
2.50
0.80
1.10
850
1.50
5,000
500
6.50
4,800
450
8.50
15.00
25.00
500
3.25
600
7,500
3.75
7,000
2.30
2.50
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