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The table below is extracted from Happyland Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow.
Items
Base year 2019
2020
Production
Price
Used cloth (units)
4,000
50.00
5,000
60.00
Components used tractor factory production (units)
8,000
500.00
11,000
1,200.00
Cloth (units)
25.00
12,000
30.00
Beef gifts during cultural festival (Kg)
1,500
2.00
1,700
3.00
Milk (litres)
1.30
7,000
2.50
Computers (Units)
2,000
2,500
600.00
Printers (Units)
500
300.00
400
355.00
Raw materials for car assembling plant (Units)
4,500
250.00
4,450
i. Calculate Happyland Republic's nominal GDP, real GDP in 2020. Also, calculate the GDP deflator if 2019 is used as the base year.?
ii. Double counting must be avoided when measuring GDP. State and examine four (4) transactions that are excluded from GDP to avoid overstating the size of the economy of a nation.
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