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 2013 and 2018 Price 2017 (Base year) Price 2018 Price per I tem Price per Unit ($) Production Unit ($) Production 50,000 100,000 50,000 23,000.00 120,000 5,000 Rice ( tons) Wheat (tons) Tractors mid-size (units) Cotton (tons) Used cars Manufacture garments (tons) Eggs (Trays) Coca Cola (litres) Pepsi Cola (litres) Beef (tons) Second hand cloths (tons) Alcoholic Beverages (litres) Milk (litres) 1.50 55,000 2.00 2.00 98,000 2.50 45,000 2,450.00 100.00 110,000 120.00 5,000.00 6,000 7,000.00 150,000 2,000 6,000 700 50.00 2.50 0.80 1.10 6.50 15.00 145,000 2,300 6,500 850 4,800 450 70.00 3.50 1.20 1.50 8.50 25.00 3.75 2.50 5,000 500 500 3.25 600 7,000 2.30 7,500 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 2013 and 2018 Price 2017 (Base year) Price 2018 Price per I tem Price per Unit ($) Production Unit ($) Production 50,000 100,000 50,000 23,000.00 120,000 5,000 Rice ( tons) Wheat (tons) Tractors mid-size (units) Cotton (tons) Used cars Manufacture garments (tons) Eggs (Trays) Coca Cola (litres) Pepsi Cola (litres) Beef (tons) Second hand cloths (tons) Alcoholic Beverages (litres) Milk (litres) 1.50 55,000 2.00 2.00 98,000 2.50 45,000 2,450.00 100.00 110,000 120.00 5,000.00 6,000 7,000.00 150,000 2,000 6,000 700 50.00 2.50 0.80 1.10 6.50 15.00 145,000 2,300 6,500 850 4,800 450 70.00 3.50 1.20 1.50 8.50 25.00 3.75 2.50 5,000 500 500 3.25 600 7,000 2.30 7,500 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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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