Item Base year (2015) 2016 Production Price Production Price 5,000 2000.00 8,000 8,000 1,500 5,000 6,000 10,000 1200.00 14,000 1,800 6,000 Used car sales 2,500 Factory components sales 500.00 Cloth sales 20.00 35.00 Beef sales 10.00 12.00 Milk litres sales 1.30 2.50 Computers sales 2000 500.00 2500 800.00 Printers sales 500 300.00 400 355.00 Raw materials for tractor 4500 250.00 4450 300.00 assembling plant sales
Item Base year (2015) 2016 Production Price Production Price 5,000 2000.00 8,000 8,000 1,500 5,000 6,000 10,000 1200.00 14,000 1,800 6,000 Used car sales 2,500 Factory components sales 500.00 Cloth sales 20.00 35.00 Beef sales 10.00 12.00 Milk litres sales 1.30 2.50 Computers sales 2000 500.00 2500 800.00 Printers sales 500 300.00 400 355.00 Raw materials for tractor 4500 250.00 4450 300.00 assembling plant sales
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The table below is extracted from Happy land Republic, Bureau of Statistics records
for 2018-2019. Use the information in this table to answer the questions that follow.
Image attached.
i. Calculate Happy Land Republic’s nominal GDP and real GDP in 2016
ii. Why does real GDP always defer from nominal GDP?
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