image attached The table below is extracted from Goodland Republic Bureau of Statistics records for2016 -2017. Use the information to answer the questions that follow.Goodland Economy 2017 and 2018Price 2017 (Base year)ProductionPrice 2018Price per Unit ($) Production Price per Unit ($)55,000I temRice (000 tons)Wheat (000 tons)Tractors mid-size (units)Cotton (000 tons)Used cars (00)Manufacture garments (000 tons)Eggs (000 TraysCoca Cola (000 litres)Pepsi Cola ('000 litres)Beef ('000 tons)Second hand cloths (000 tons)Alcoholic Beverages ('000 litres)Milk (000)50.0001.502.002.0098,00045,000110,000100,0002.5050,00023,000.0024,500.00120,000100.00120.005,0005,000.006,0007,000.00150,00050.00145,0002,3006,50070.002,0002.503.506,0000.801.207001.108501.505.0006.504,8008.5050015.0045025.005003.256003.757,0002.307,5002.50Examine 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 isnecessary to calculate real GDP. Show your work.

Macroeconomics examines the working, composition, and dynamics of an economy. To comprehend and…

Price 2017 (Base year) Production 50,000 The table below is extracted from Goodland Republic Bureau of Statistics records for 2016-2017. Use the information to answer the questions that follow. I tem Rice (000 tons) Goodland Economy 2017 and 2018 Price 2018 Price per Unit (S) Production Price per Unit ($) 1.50 55,000 2.00 Wheat (000 tons) 100,000 2.00 98,000 2.50 Tractors mid-size (units) 50,000 23,000.00 45,000 24,500.00 Cotton (000 tons) 120,000 100.00 110,000 120.00 Used cars (00) 5,000 5,000.00 6,000 7,000.00 Manufacture garments (000 tons) 150,000 50.00 145,000 70.00 Eggs (000 Trays 2,000 2.50 2,300 3.50 Coca Cola (000 litres) 6,000 0.80 6,500 1.20 Pepsi Cola (000 litres) 700 1.10 850 1.50 Beef (000 tons) 5,000 6.50 4,800 8.50 Second hand cloths (000 tons) 500 15.00 450 25.00 Alcoholic Beverages (000 litres) 500 3.25 600 3.75 Milk (000) 7,000 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 Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.

Price 2017 (Base year) Production 50,000 The table below is extracted from Goodland Republic Bureau of Statistics records for 2016-2017. Use the information to answer the questions that follow. I tem Rice (000 tons) Goodland Economy 2017 and 2018 Price 2018 Price per Unit (S) Production Price per Unit ($) 1.50 55,000 2.00 Wheat (000 tons) 100,000 2.00 98,000 2.50 Tractors mid-size (units) 50,000 23,000.00 45,000 24,500.00 Cotton (000 tons) 120,000 100.00 110,000 120.00 Used cars (00) 5,000 5,000.00 6,000 7,000.00 Manufacture garments (000 tons) 150,000 50.00 145,000 70.00 Eggs (000 Trays 2,000 2.50 2,300 3.50 Coca Cola (000 litres) 6,000 0.80 6,500 1.20 Pepsi Cola (000 litres) 700 1.10 850 1.50 Beef (000 tons) 5,000 6.50 4,800 8.50 Second hand cloths (000 tons) 500 15.00 450 25.00 Alcoholic Beverages (000 litres) 500 3.25 600 3.75 Milk (000) 7,000 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 Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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