Economics - Production and Price Statistics for 2022
Question # 00838180
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Updated on: 02/06/2023 02:18 AM Due on: 02/06/2023
Answer the following questions from the given Table below which contains data for Saudi Arabia for the year 2022. (5 Marks)
Production and Price Statistics for 2022
Product
Mineral Fuels (petrol) Plastics
Aluminum
Honey
Wheat
Bicycle
Tires of bicycle Furniture Wood
Quantity
400 barrels 7000 mils 499 ft3 860 kg 677 kg 350 pcs 440 pcs 560 pcs 1095 pcs
Price per unit in 2022 (In Riyals)
80 2.50 30 90 2.50 190 3.50 2500 25
Market value in 2022
Price per unit in 2020 (In Riyals)
50 3.15 25 65 1.00 125 2.10 2000 13.70
a. Complete the fourth column (market value) of the above table.
b. Identify final and intermediate goods.
c. Calculate Saudi Arabia’s nominal GDP in 2022.
d. Calculate Saudi Arabia’s real GDP in 2022.
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Solution: Economics - Production and Price Statistics for 2022