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.
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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
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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