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O Macmillan Learning Sizing Up the Economy Using GDP- Work It Out The table displays price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2017 Price Quantity Price Quantity Escape SUVS $24,485 307,069 $24,645 308,296 F-series trucks $44,400 820,799 $47,800 896,764 Round all numerical answers to two decimal places. a. Calculate the amount contributed by Ford to U.S. real and nominal GDP from the sales of the two models in 2016 and 2017. Nominal GDP 2016: 43.97 Real GDP 2016: billion Nominal GDP 2017: 50.46 billion Real GDP 2017: billion billion b. Determine the growth rate of nominal GDP (if Ford were the entire economy). Growth rate of nominal GDP: 14.76 %

O Macmillan Learning Sizing Up the Economy Using GDP- Work It Out The table displays price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2017 Price Quantity Price Quantity Escape SUVS $24,485 307,069 $24,645 308,296 F-series trucks $44,400 820,799 $47,800 896,764 Round all numerical answers to two decimal places. a. Calculate the amount contributed by Ford to U.S. real and nominal GDP from the sales of the two models in 2016 and 2017. Nominal GDP 2016: 43.97 Real GDP 2016: billion Nominal GDP 2017: 50.46 billion Real GDP 2017: billion billion b. Determine the growth rate of nominal GDP (if Ford were the entire economy). Growth rate of nominal GDP: 14.76 %

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter17: Production And Growth
Section: Chapter Questions
Problem 5CQQ
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O Macmillan Learning Sizing Up the Economy Using GDP- Work It Out The table displays price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2017 Price Quantity Price Quantity Escape SUVS $24,485 307,069 $24,645 308,296 F-series trucks $44,400 820,799 $47,800 896,764 Round all numerical answers to two decimal places. a. Calculate the amount contributed by Ford to U.S. real and nominal GDP from the sales of the two models in 2016 and 2017. Nominal GDP 2016: 43.97 Real GDP 2016: billion Nominal GDP 2017: 50.46 billion Real GDP 2017: billion billion b. Determine the growth rate of nominal GDP (if Ford were the entire economy). Growth rate of nominal GDP: 14.76 %
Transcribed Image Text:O Macmillan Learning Sizing Up the Economy Using GDP- Work It Out The table displays price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2017 Price Quantity Price Quantity Escape SUVS $24,485 307,069 $24,645 308,296 F-series trucks $44,400 820,799 $47,800 896,764 Round all numerical answers to two decimal places. a. Calculate the amount contributed by Ford to U.S. real and nominal GDP from the sales of the two models in 2016 and 2017. Nominal GDP 2016: 43.97 Real GDP 2016: billion Nominal GDP 2017: 50.46 billion Real GDP 2017: billion billion b. Determine the growth rate of nominal GDP (if Ford were the entire economy). Growth rate of nominal GDP: 14.76 %
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