Price 2017 (Base year) Production 50,000 The table below is extracted from Goodland Republic Bureau of Statistics records for 2016-2017. Use the information to answer the questions that follow. I tem Rice (000 tons) Goodland Economy 2017 and 2018 Price 2018 Price per Unit (S) Production Price per Unit ($) 1.50 55,000 2.00 Wheat (000 tons) 100,000 2.00 98,000 2.50 Tractors mid-size (units) 50,000 23,000.00 45,000 24,500.00 Cotton (000 tons) 120,000 100.00 110,000 120.00 Used cars (00) 5,000 5,000.00 6,000 7,000.00 Manufacture garments (000 tons) 150,000 50.00 145,000 70.00 Eggs (000 Trays 2,000 2.50 2,300 3.50 Coca Cola (000 litres) 6,000 0.80 6,500 1.20 Pepsi Cola (000 litres) 700 1.10 850 1.50 Beef (000 tons) 5,000 6.50 4,800 8.50 Second hand cloths (000 tons) 500 15.00 450 25.00 Alcoholic Beverages (000 litres) 500 3.25 600 3.75 Milk (000) 7,000 2.30 7,500 2.50 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.
Price 2017 (Base year) Production 50,000 The table below is extracted from Goodland Republic Bureau of Statistics records for 2016-2017. Use the information to answer the questions that follow. I tem Rice (000 tons) Goodland Economy 2017 and 2018 Price 2018 Price per Unit (S) Production Price per Unit ($) 1.50 55,000 2.00 Wheat (000 tons) 100,000 2.00 98,000 2.50 Tractors mid-size (units) 50,000 23,000.00 45,000 24,500.00 Cotton (000 tons) 120,000 100.00 110,000 120.00 Used cars (00) 5,000 5,000.00 6,000 7,000.00 Manufacture garments (000 tons) 150,000 50.00 145,000 70.00 Eggs (000 Trays 2,000 2.50 2,300 3.50 Coca Cola (000 litres) 6,000 0.80 6,500 1.20 Pepsi Cola (000 litres) 700 1.10 850 1.50 Beef (000 tons) 5,000 6.50 4,800 8.50 Second hand cloths (000 tons) 500 15.00 450 25.00 Alcoholic Beverages (000 litres) 500 3.25 600 3.75 Milk (000) 7,000 2.30 7,500 2.50 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.
Chapter15: Gross Domestic Product
Section: Chapter Questions
Problem 1SQ
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Transcribed Image Text: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
Price 2017 (Base year)
Production
Price 2018
Price per Unit ($) Production Price per Unit ($)
55,000
I tem
Rice (000 tons)
Wheat (000 tons)
Tractors mid-size (units)
Cotton (000 tons)
Used cars (00)
Manufacture garments (000 tons)
Eggs (000 Trays
Coca Cola (000 litres)
Pepsi Cola ('000 litres)
Beef ('000 tons)
Second hand cloths (000 tons)
Alcoholic Beverages ('000 litres)
Milk (000)
50.000
1.50
2.00
2.00
98,000
45,000
110,000
100,000
2.50
50,000
23,000.00
24,500.00
120,000
100.00
120.00
5,000
5,000.00
6,000
7,000.00
150,000
50.00
145,000
2,300
6,500
70.00
2,000
2.50
3.50
6,000
0.80
1.20
700
1.10
850
1.50
5.000
6.50
4,800
8.50
500
15.00
450
25.00
500
3.25
600
3.75
7,000
2.30
7,500
2.50
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.
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