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.
Chapter1: Making Economics Decisions
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Transcribed Image Text: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.
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