Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 21, Problem 4SPPA
To determine
Nominal
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Problem
Country produces 100 pizza at price $8, 20 tomatoes at price $2 and 45 meat at price $6. One fourth of tomatoes and one third of meat is used in production of pizza.
Question: Calculate GDP of this country.
An economy produces only fun and food.
In 2016
Price
The table shows the quantities of fun and food produced and
the prices of fun and food in 2016 and 2017.
Item
Quantity
(dollars)
Fun
42
The base year is 2016.
Food
63
3.
Calculate the percentage increase in real GDP in 2017.
In 2017
Price
Item
Quantity
(dollars)
Fun
42
The percentage increase in real GDP in 2017 is
percent.
Food
64
6.
>>> Answer to 1 decimal place.
Next
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.
8:50 PM
10/13/2020
9.
DELL
3 F4 E5
Chapter 21 Solutions
Foundations of Economics (8th Edition)
Ch. 21.A - Prob. 1SPPCh. 21.A - Prob. 2SPPCh. 21.A - Prob. 3SPPCh. 21.A - Prob. 4SPPCh. 21.A - Prob. 5SPPCh. 21.A - Prob. 6SPPCh. 21.A - Prob. 7SPPCh. 21.A - Prob. 1IAPCh. 21.A - Prob. 2IAPCh. 21.A - Prob. 3IAP
Ch. 21.A - Prob. 4IAPCh. 21.A - Prob. 5IAPCh. 21.A - Prob. 6IAPCh. 21.A - Prob. 7IAPCh. 21 - Prob. 1SPPACh. 21 - Prob. 2SPPACh. 21 - Prob. 3SPPACh. 21 - Prob. 4SPPACh. 21 - Prob. 5SPPACh. 21 - Prob. 6SPPACh. 21 - Prob. 7SPPACh. 21 - Prob. 8SPPACh. 21 - Prob. 9SPPACh. 21 - Prob. 10SPPACh. 21 - Prob. 1IAPACh. 21 - Prob. 2IAPACh. 21 - Prob. 3IAPACh. 21 - Prob. 4IAPACh. 21 - Prob. 5IAPACh. 21 - Prob. 6IAPACh. 21 - Prob. 7IAPACh. 21 - Prob. 8IAPACh. 21 - Prob. 9IAPACh. 21 - Prob. 10IAPACh. 21 - Prob. 11IAPACh. 21 - Prob. 12IAPACh. 21 - Prob. 1MCQCh. 21 - Prob. 2MCQCh. 21 - Prob. 3MCQCh. 21 - Prob. 4MCQCh. 21 - Prob. 5MCQCh. 21 - Prob. 6MCQCh. 21 - Prob. 7MCQ
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