question 2 economics

Tutorial Submission Question 2(3 X Course Hero X + X -) C @ File | C:/Users/sd343/Downloads/Tutorial%20Submission%20Question%202(3)%20eco.pdf ? S it: Apps \\ Expenditure cycle M Gmail @ YouTube Maps Translate brista Tutorial Submission Question 2(3) eco.pdf 2/4 Assessment Question Week 8: Marco-economics: Measuring the size of the economy Question 2 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 Item Price 2017 (Base year) Price 2018 Production Price per Unit ($) Production Rice (000 tons) Price per Unit ($) 50,000 $5,000 Wheat (000 tons) 1.50 2.00 100,000 2.00 98,000 2.50 Tractors mid-size (units) 50,000 23,000.00 45,000 24,500.00 Cotton (000 tons) 20,000 100.00 110,000 120.00 Used cars (OO) 5,000 5,000.00 6,000 Manufacture garments (000 tons) ,000.00 150,000 :0.00 145,000 70.00 Eggs (000 Trays 2,000 2.50 2,300 3.50 Coca Cola (OOO litres) 6.000 0.80 5,500 Pepsi Cola (OOO litres) 700 1.20 1.10 850 1.50 Beef (OOO tons) 5,000 6.50 4,800 8.50 Second hand cloths (000 tons) 500 450 25.00 Alcoholic Beverages (0O0 litres) 15.00 500 3.25 600 Milk (OOO) 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. (10 marks) eco ans 1.jpg Show all X Type here to search O L ~ O O () ENG 4:49 PM 17/06/2020