1. Imports, exports, and the trade balanceThe following table shows the approximate value of exports and imports for the United States from 1968 through 1972.Complete the table by calculating the surplus or deficit both in dollar terms and as a percentage of GDP. If necessary, round your answers to thenearest hundredth.GDPYear (Billions of dollars)1968910.0985.01,039.01,127.01,238.01969197019711972Exports(Billions of dollars)47.951.959.7Between 1970 and 1971, the63.070.8Imports(Billions of dollars)46.650.555.862.374.2Exports(Billions of dollars)Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Department of Commerce, last modifiedSeptember 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html.Imports(Percentage of GDP)in dollar terms andas a percentage of GDP.

Gross domestic product(GDP) measures the money value of all final goods and services produced in an…

1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1968 through 1972. Complete the table by calculating the surplus or deficit both in dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Year 1968 1969 1970 1971 1972 GDP Exports (Billions of dollars) (Billions of dollars) 910.0 47.9 985.0 51.9 1,039.0 59.7 1,127.0 63.0 1,238.0 70.8 Imports (Billions of dollars) 46.6 50.5 55.8 62.3 74.2 Between 1970 and 1971, the Exports - Imports (Billions of dollars) (Percentage of GDP) Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. ▼ in dollar terms and as a percentage of GDP.

1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1968 through 1972. Complete the table by calculating the surplus or deficit both in dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Year 1968 1969 1970 1971 1972 GDP Exports (Billions of dollars) (Billions of dollars) 910.0 47.9 985.0 51.9 1,039.0 59.7 1,127.0 63.0 1,238.0 70.8 Imports (Billions of dollars) 46.6 50.5 55.8 62.3 74.2 Between 1970 and 1971, the Exports - Imports (Billions of dollars) (Percentage of GDP) Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. ▼ in dollar terms and as a percentage of GDP.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Open-economy Macroeconomics: Basic Concepts

Section: Chapter Questions

Problem 1PA

See similar textbooks

Similar questions

Sketch a diagram of how a budget deficit causes a trade deficit. (Hint: Begin with what will happen to the exchange rate when foreigners demand more U.S. government debt.)
If imports exceed exports, is it a trade deficit or a trade surplus? What about if exports exceed imports?
When is a trade deficit likely to work out well for an economy? When is it likely to work out poorly?
What determines the size of a countrys trade deficit?
Many think that the size of a trade deficit is due to a lack of competitiveness of domestic sectors, such as autos. Explain why this is not true.
Some economists warn that the persistent trade deficits and a negative current account balance that the United States has run will be a problem in the long run. Do you agree or not? Explain your answer.
Under what conditions will a larger budget deficit cause a trade deficit?
What is the difference between trade deficits and balance of trade?
Does a trade surplus mean an overall inflow of financial capital to an economy, or an overall outflow of financial capital? What about a trade deficit?
In recent decades, has the U.S. trade balance usually been in deficit, surplus, or balanced?
1. Imports, exports, and the trade balanceThe following table shows the approximate value of exports and imports for the United States from 1997 through 2001.Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth.YearGDPExportsImportsExports – Imports(Billions of dollars)(Billions of dollars)(Billions of dollars)(Billions of dollars)(Percentage of GDP)19978,332.0 954.41,055.8 19988,794.0 953.91,115.7 19999,354.0 989.31,251.4 20009,952.0 1,093.21,475.3 200110,286.0 1,027.71,398.7 Source: “Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP),” United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. Between 1997 and 1998, the in dollar terms and as a percentage of GDP.
1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1983 through 1987. Complete the table by calculating the surplus or deficit both in dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Source: “Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP),” United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. Between 1984 and 1985, the ______ (surplus/deficit) _______(grew/shrank/remained the same) in dollar terms and ______ (grew/shrank/remained the same) as a percentage of GDP. Grade It Now Save & Continue