The table below is extracted from Goodland Republic Bureau of Statistics records for 2013 and 2018. Use the information to answer the questions that follow. I tem Price 2013 (Base year) Price 2018 Price Price Production 50,000 100,000 per Unit ($) 1.50 2.00 Production 55,000 120,000 per Unit ($) 2.00 2.50 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) 50,000 120,000 5,000 23,000.0O 100.00 5,000.00 56,000 110,000 6,000 2,450.00 120.00 7,000.00 150,000 2,000 50.00 145,000 2,300 70.00 2.50 3.50 6,000 0.80 6,500 1.20 850 5,500 1.50 8.50 700 1.10 5,000 6.50 500 15.00 450 25.00 500 3.25 2.30 600 7,500 3.75 7,000 2.50 i. Examine the economic welfare status for Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Show your work. ii. GDP is a perfect measure of a nation's economic welfare. Discuss. iii. Examine least two methods of measuring GDP.

The table below is extracted from Goodland Republic Bureau of Statistics records for 2013 and 2018. Use the information to answer the questions that follow. I tem Price 2013 (Base year) Price 2018 Price Price Production 50,000 100,000 per Unit ($) 1.50 2.00 Production 55,000 120,000 per Unit ($) 2.00 2.50 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) 50,000 120,000 5,000 23,000.0O 100.00 5,000.00 56,000 110,000 6,000 2,450.00 120.00 7,000.00 150,000 2,000 50.00 145,000 2,300 70.00 2.50 3.50 6,000 0.80 6,500 1.20 850 5,500 1.50 8.50 700 1.10 5,000 6.50 500 15.00 450 25.00 500 3.25 2.30 600 7,500 3.75 7,000 2.50 i. Examine the economic welfare status for Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Show your work. ii. GDP is a perfect measure of a nation's economic welfare. Discuss. iii. Examine least two methods of measuring GDP.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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