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 Calculate Khada Republic’s nominal GDP, real GDP in 2020 and GDP deflator Examine the importance of a GDP deflator for Khada Republic
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 Calculate Khada Republic’s nominal GDP, real GDP in 2020 and GDP deflator Examine the importance of a GDP deflator for Khada Republic
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 |
|
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 |
- Calculate Khada Republic’s nominal
GDP , real GDP in 2020 and GDP deflator - Examine the importance of a GDP deflator for Khada Republic
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