The table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow. ItemBase year 20192020 ProductionPriceProductionPriceUsed cloth (units)4,00050.00500060.00Components used tractor factory production8,000500.00110001,200.00Cloth8,00025.0012,00030.00Beef gifts during cultural festival1,5002.001,7003.00Milk litres5,0001.307,0002.50Computers2000500.002,500600.00Printers500300.00400355.00Raw materials for car assembling plant4500250.004450300 Calculate Khada Republic’s nominal GDP, real GDP in 2020 and GDP deflator

Base year-2019 For Nominal GDP 2020: GDP measured at current prices. First, we multiply the…

Answered: The table below is extracted from Khada…

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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The table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow.

Item	Base year 2019	2020
	Production	Price	Production	Price
Used cloth (units)	4,000	50.00	5000	60.00
Components used tractor factory production	8,000	500.00	11000	1,200.00
Cloth	8,000	25.00	12,000	30.00
Beef gifts during cultural festival	1,500	2.00	1,700	3.00
Milk litres	5,000	1.30	7,000	2.50
Computers	2000	500.00	2,500	600.00
Printers	500	300.00	400	355.00
Raw materials for car assembling plant	4500	250.00	4450	300

Calculate Khada Republic’s nominal GDP, real GDP in 2020 and GDP deflator

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