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 escapes $24,485 307,069 $24,645 308,296 ford trucks $44,400 820,799 $24,645 896,764 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 escapes $24,485 307,069 $24,645 308,296 ford trucks $44,400 820,799 $24,645 896,764 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).
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 4.8P
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The table contains
2016 | 2016 | 2017 | 2017 | |
price | quantity | price | quantity | |
ford escapes | $24,485 | 307,069 | $24,645 | 308,296 |
ford trucks | $44,400 | 820,799 | $24,645 | 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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