The table below is extracted from Goodland Republic Bureau of statistics records for 2013 and 2018. Use the information to answer the questions that follow

i. Examine the economic welfare status for Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Show your work

ii. GDP is a perfect measure of a nation's economic welfare. Discuss (around 150 words)

iii. Examine least two methods of measuring GDP (at least 150 words)

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Price 2013 (Base year) Price I tem Price 2018 Price per Unit ($) per Unit ($) Rice ('000 tons) Wheat ('000 tons) Production 50,000 100.000 Production 55,000 120,000 1.50 2.00 2.00 2.50 Tractors mid-size (units) Cotton ('000 tons) Used cars ('00) Manufacture 50,000 120,000 5,000 23,000.0O 100.00 5,000.00 56,000 110,000 6,000 2,450.00 120.00 7,000.00 garments ('000 tons) Eggs (000 Trays Coca Cola ('000 litres) Pepsi Cola ('000 litres) Beef ('000 tons) Second hand cloths C000 tons) Alcoholic Beverages C000 litres) Milk ('000) 70.00 150,000 2,000 50.00 145,000 2,300 2.50 3.50 6,000 0.80 6,500 1.20 700 1.10 850 1.50 5,000 6.50 5,500 8.50 500 15.00 450 25.00 500 3.25 600 3.75 7,000 2.30 7,500 2.50 Price 2013 (Base year) Price I tem Price 2018 Price per Unit ($) per Unit ($) Rice ('000 tons) Wheat ('000 tons) Production 50,000 100.000 Production 55,000 120,000 1.50 2.00 2.00 2.50 Tractors mid-size (units) Cotton ('000 tons) Used cars ('00) Manufacture 50,000 120,000 5,000 23,000.0O 100.00 5,000.00 56,000 110,000 6,000 2,450.00 120.00 7,000.00 garments ('000 tons) Eggs (000 Trays Coca Cola ('000 litres) Pepsi Cola ('000 litres) Beef ('000 tons) Second hand cloths C000 tons) Alcoholic Beverages C000 litres) Milk ('000) 70.00 150,000 2,000 50.00 145,000 2,300 2.50 3.50 6,000 0.80 6,500 1.20 700 1.10 850 1.50 5,000 6.50 5,500 8.50 500 15.00 450 25.00 500 3.25 600 3.75 7,000 2.30 7,500 2.50

Answer rating: 100% (QA)

i Nominal GDP is GDP at current price GDP unadjusted for inflation Real GDP is GDP adjusted for inflation and is thus a perfect measure of welfare it is GDP at base year prices The GDP deflator is a m... View the full answer