The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. 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.

Find the last year GDP data (in billions) and the personal consumption expenditures data (in billions) for the US economy.

According to the Bureau of Economic Analysis, the GDP Deflator for the 3rd Quarter 2021 is +5.7%. The U.S. Bureau of Labor Statistics reported the Consumer Price Index (CPI) as rising 5.4 percent over the last 12 months, not seasonally adjusted. Given this information:  1) Interpret these data and summarize its meaning.  2) What are these data measuring?  3) If you were a business economist, which would you use and why?

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 2013 and 2018 Is given in the image.     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.

Goodland

The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions.                   2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate per capita spending in 2010 and 2020, respectively, using constant dollars.  *Results round to the nearest dollar.    2010 per capita spending:     2020 per capita spending:       2. Calculate the compound annual growth rate of per capita spending from 2010 to 2020              3. Calculate spending-to-GDP ratios in 2010 and 2020, respectively.  *Results round to the nearest 2 decimal places.  2010 spending-to-GDP ratio:     2020 spending-to-GDP ratio:     Interpret what the two spending-to-GDP ratios tell us about City A’s spending trend.        4. Assuming City A’s population grows at a constant rate in the next decade.…

The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow.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)   Price 2018   Item Production Price per unit($) Production Price per unit($) Rice 50,000 1.50 55,000 2 Wheat 100,000 2.00 98,000 2.5 Tractors mid-size 50,000 23,000.00 45,000 24,500 Cotton 120,000 100.00 110,000 120 Used cars 5,000 5,000.00 6,000 7,000 Manufacture garments 150,000 50.00 145,000 70 Eggs 2,000 2.50 2,300 3.5 Coca Cola 6,000 0.80 6,500 1.2 Pepsi Cola 700 1.10 850 1.5 Beef 5,000 6.50 4,800 8.5 Second-hand clothes 500 15.00 450 25…