The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2016 2017 2017 price quantity price quantity Ford Escape SUV's $24,485 307,069 $24,645 308,296 F-Series Trucks $44,400 820,799 $47,800 896,764 A. Calculate the amount contributed by Ford to U.S. GDP (real and nominal) from the sales of the two models in 2016 and 2017. B. Determine the growth rate of nominal GDP (if Ford were the entire economy). C. Determine the growth rate of real GDP (if Ford were the entire economy).
The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2016 2017 2017 price quantity price quantity Ford Escape SUV's $24,485 307,069 $24,645 308,296 F-Series Trucks $44,400 820,799 $47,800 896,764 A. Calculate the amount contributed by Ford to U.S. GDP (real and nominal) from the sales of the two models in 2016 and 2017. B. Determine the growth rate of nominal GDP (if Ford were the entire economy). C. Determine the growth rate of real GDP (if Ford were the entire economy).
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 20AA
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The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs.
2016 | 2016 | 2017 | 2017 | |
price | quantity | price | quantity | |
Ford Escape SUV's | $24,485 | 307,069 | $24,645 | 308,296 |
F-Series Trucks | $44,400 | 820,799 | $47,800 | 896,764 |
A. Calculate the amount contributed by Ford to U.S.
B. Determine the growth rate of nominal GDP (if Ford were the entire economy).
C. Determine the growth rate of real GDP (if Ford were the entire economy).
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