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 2013 and 2018 I tem Price 2017 (Base year) Price 2018 Price per Price per Production Unit ($) Production Unit ($) 50,000 1.50 55,000 2.00 100.000 2.00 98,000 2.50 50,000 23,000.00 45,000 2,450.00 120,000 100.00 110,000 120.00 5,000 5,000.00 6,000 7,000.00 Rice (tons) Wheat (tons) Tractors mid-size (units) Cotton (tons) Used cars Manufacture garments (tons) Eggs (Trays) Coca Cola (litres) Pepsi Cola (litres) Beef (tons) Second hand cloths (tons) Alcoholic Beverages (litres) Milk (litres) 150,000 2,000 6,000 700 5,000 500 500 7,000 50.00 2.50 0.80 1.10 6.50 15.00 3.25 2.30 145,000 2.300 6,500 850 4,800 450 600 7.500 70.00 3.50 1.20 1.50 8.50 25.00 3.75 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