The following table shows data for Canada in 2018.Gross Domestic ProductExports of Goods and ServicesImports of Goods and ServicesFederal Government Net Financial Debta. The ratio of exports to GDP isThe ratio of imports to GDP isThe ratio of the trade balance to GDP isb. The ratio of federal government net financial debt to GDP is$2,223,856 million$713,351 million$756,913 million$836,759 million(Round your response to three decimal places.)(Round your response to three decimal places.)(Round your response to three decimal places.)(Round your response to three decimal places.)

The trade balance is the difference between export and import. i.e., Trade balance = Export -…

Gross Domestic Product Exports of Goods and Services Imports of Goods and Services Federal Government Net Financial Debt . The ratio of exports to GDP is The ratio of imports to GDP is $2,223,856 million $713,351 million $756,913 million $836,759 million (Round your response to three decimal places. (Round your response to three decimal places.)

Gross Domestic Product Exports of Goods and Services Imports of Goods and Services Federal Government Net Financial Debt . The ratio of exports to GDP is The ratio of imports to GDP is $2,223,856 million $713,351 million $756,913 million $836,759 million (Round your response to three decimal places. (Round your response to three decimal places.)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter23: The International Trade And Capital Flows

Section: Chapter Questions

Problem 17SCQ: For each of the following, indicate which type of government spending would justify a budget deficit...

See similar textbooks

Similar questions

Explain how a shift from a government budget deficit to a budget surplus might affect the exchange rate.
Describe how a plan for reducing the government deficit might affect a college student, a young professional, and a middle-income family.
The following table shows the approximate value of exports and imports for the United States from 2006 through 2010. 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 GDP Exports Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 2006 13,399.0 1,471.0 2,240.3 2007 14,062.0 1,661.7 2,375.7 2008 14,369.0 1,843.4 2,553.8 2009 14,119.0 1,578.4 1,964.7 2010 14,660.0 1,837.5 2,353.9 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.…
The following table shows the approximate value of exports and imports for the United States from 2006 through 2010. 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. Year GDP Exports Imports Exports – Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of Dollars) (Percentage of GDP) 2006 13,399.00 1,471.00 2,240.30 -769.30 -5.74 2007 14,062.00 1,661.70 2,375.70 -714.00 -5.08 2008 14,369.00 1,843.40 2,553.80 -710.40 -4.94 2009 14,119.00 1,578.40 1,964.70 -386.30 -2.74 2010 14,660.00 1,837.50 2,353.90 -516.40 -3.52 Step 3 In 2006, Net Exports = $1471.0 - $2240.30 = -$769.30. Net Exports as percentage of GDP = -769.30 / 13399 * 100 = - 5.74% Similarly has been calculated for other years Between 2007 and 2008, the _____________ in dollar terms and…
The following table shows the approximate value of exports and imports for the United States from 2006 through 2010. 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. Year GDP Exports Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 2006 13,399.0 1,471.0 2,240.3 2007 14,062.0 1,661.7 2,375.7 2008 14,369.0 1,843.4 2,553.8 2009 14,119.0 1,578.4 1,964.7 2010 14,660.0 1,837.5 2,353.9 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.…
Debt-GDP ratios and economic crises: Te debt-GDP ratio in Belgiumexceeded 120% in the early 1990s and has fallen to just over 80% more recently.Italy had a debt-GDP ratio of about 100% even before the euro crisis. Terapid rise in Japan’s debt-GDP ratio was shown in Figure 18.4. Yet none of these economies experienced defaults or high infation. In contrast, the debt-GDP ratio in Argentina peaked at 65% (up from 35% in 1996) and then a crisis struck, leading to default and other macroeconomic problems.
Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry about trade with other countries. Total spending for the federal government of Lilliput for the last fiscal year was $1.06$1.06 billion. The country collected $1.05$1.05 billion in taxes during this same fiscal year. Assume government transfers were zero. Based on this information, what is Lilliput's budget balance? Enter your answer to two decimal places. budget balance: $ ______ billion In the last fiscal year, Lilliput was running a. a budget surplus b. a balanced budget c. a budget deficit
Generally, how does the standard of living in the United States today compare to the standard of living in other countries? To the standard of living in the United States a century ago?The Bureau of Economic Analysis, or BEA, is a government agency collecting various U.S. economy statistics. From the BEA’s website, find data for the most recent year available on U.S. exports and imports of goods and services. Is the United States running a trade surplus or deficit? Calculate the ratio of the surplus or deficit to U.S. exports.There are many people out there providing opinions on the economy. How can differences of opinion about economic policy recommendations be resolved?
Which country of the following iscurrently experiencing the mostdifficulties keeping up payments onits public or government debt?a. Greeceb. The United Statesc. Germanyd. Japan
Summarize the effects of a budget deficit by filling in the following table.Real Interest RateReal Exchange RateTrade BalanceEffects of a Budget Deficit
The imaginary country of Acordia lists the following projected revenues and outlays for 2020: $30 million in personal income tax, $20 million in corporate income tax, $7 million in indirect taxes, $2 million in investment income, $35 million in transfer payments, $14 million in government expenditures, and $4 million in debt interest. What is the projected budget surplus (or deficit) for 2021? Calculate the amount and indicate whether it is a surplus or deficit.
Consider three different closed economies with the following national income statistics. Country A has taxes of $40 billion, transfers of $20 billion, and government expenditures on goods and services of $30 billion. Country B has private savings of $60 billion, and investment expenditures of $50 billion. Country C has GDP of $300 billion, investment of $70 billion, consumption of $180 billion, taxes of $60 billion, and transfers of $20 billion. Based on this information, which country has a $10 billion deficit? Country A Country B Country C All the three countries.