The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. 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.

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The table below is extracted from Goodland Republic Bureau of Statistics records for
2016 -2017. Use the information to answer the questions that follow.

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.

Goodland Economy 2013 and 2018

Item Price 2017(base year) Price 2018
  Production Price per unit $ Production Price per unit $
Rice(tons) 50,000 1.5 55,000 2
wheat (tons) 100,000 2 98,000 2.5
Tractors(mid size (units) 50,000 23,000 45,000 2450
cotton (tons) 120,000 100 110,000 120
used cars 5,000 5000 6,000 7000
Manufacture garments(tons) 150,000 50 145,000 70
Eggs (trays) 2,000 2.5 2,300 3.5
coca cola(liters) 6,000 0.8 6,500 1.2
pepsi cola (liters) 700 1.1 850 1.5
Beef(tons) 5,000 6.5 4,800 8.5
second hand clothes(tons) 500 15 450 25
alcoholic beverages(liters) 500 3.25 600 3.75
Milk (liters) 7,000 2.3 7,500 2.5
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