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
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Price 2018 |
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|
Item |
Production |
Price per unit($) |
Production |
Price per unit($) |
|
Rice |
50,000 |
1.50 |
55,000 |
2 |
|
Wheat |
100,000 |
2.00 |
98,000 |
2.5 |
|
Tractors mid-size |
50,000 |
23,000.00 |
45,000 |
24,500 |
|
Cotton |
120,000 |
100.00 |
110,000 |
120 |
|
Used cars |
5,000 |
5,000.00 |
6,000 |
7,000 |
|
Manufacture garments |
150,000 |
50.00 |
145,000 |
70 |
|
Eggs |
2,000 |
2.50 |
2,300 |
3.5 |
|
Coca Cola |
6,000 |
0.80 |
6,500 |
1.2 |
|
Pepsi Cola |
700 |
1.10 |
850 |
1.5 |
|
Beef |
5,000 |
6.50 |
4,800 |
8.5 |
|
Second-hand clothes |
500 |
15.00 |
450 |
25 |
|
Alcoholic beverages |
500 |
3.25 |
600 |
3.75 |
|
milk |
7,000 |
2.30 |
7,500 |
2.5 |
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