The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Goodland Economy 2017 and 2018 Items Production Price per/unit ($) Production Price per/unit ($) Rice (tons) 50,000 1.5 55,000 2 Wheat (tons) 1,00,000 2 98,000 2.5 Tractors 50,000 23,000 45,000 24,500.00 mid-size (units) Cotton (tons) 1,20,000 100 1,10,000 120 Used cars (units) 5,000 5,000 6,000 7,000 Manufacturing Garments (tons) 1,50,000 50 1,45,000 70 Eggs (trays) 2,000 2.5 2,300 3.5 Coca Cola (litres) 6,000 0.8 6,500 1.2 Pepsi Cola (litres) 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 (litres) 500 3.25 600 3.75 Milk (litres) 7000 2.3 7,500 2.5 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. Goodland Economy 2017 and 2018 Items Production Price per/unit ($) Production Price per/unit ($) Rice (tons) 50,000 1.5 55,000 2 Wheat (tons) 1,00,000 2 98,000 2.5 Tractors 50,000 23,000 45,000 24,500.00 mid-size (units) Cotton (tons) 1,20,000 100 1,10,000 120 Used cars (units) 5,000 5,000 6,000 7,000 Manufacturing Garments (tons) 1,50,000 50 1,45,000 70 Eggs (trays) 2,000 2.5 2,300 3.5 Coca Cola (litres) 6,000 0.8 6,500 1.2 Pepsi Cola (litres) 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 (litres) 500 3.25 600 3.75 Milk (litres) 7000 2.3 7,500 2.5 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.
Goodland Economy 2017 and 2018
| Items | Production | Price per/unit ($) | Production | Price per/unit ($) |
| Rice (tons) | 50,000 | 1.5 | 55,000 | 2 |
| Wheat (tons) | 1,00,000 | 2 | 98,000 | 2.5 |
| Tractors | 50,000 | 23,000 | 45,000 | 24,500.00 |
| mid-size (units) | ||||
| Cotton (tons) | 1,20,000 | 100 | 1,10,000 | 120 |
| Used cars (units) | 5,000 | 5,000 | 6,000 | 7,000 |
| Manufacturing Garments (tons) | 1,50,000 | 50 | 1,45,000 | 70 |
| Eggs (trays) | 2,000 | 2.5 | 2,300 | 3.5 |
| Coca Cola (litres) | 6,000 | 0.8 | 6,500 | 1.2 |
| Pepsi Cola (litres) | 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 (litres) | 500 | 3.25 | 600 | 3.75 |
| Milk (litres) | 7000 | 2.3 | 7,500 | 2.5 |
Examine the status of the economic welfare in Goodland Republic in 2018 based on your
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