ry/CHE/Year/LTST/ Calculate trade-to-GDP for both case and define what does the trade-to-GDP ratio measure. Compare the results for two countries and discuss if a low value indicate that a country is closed to trade with the outside world.

Principles of Economics 2e
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ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
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Chapter19: The Macroeconomic Perspective
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Table 1. Export, Import and GDP in selected countries in 2018
Import (current
USD, bln)
380.1
906.3
Export (current
USD, bln
466.3
GDP (current USD,
bln)
705.1
Switzerland
Japan
Data source: https://wits.worldbank.org/CountryProfile/en/Country/CHE/Year/LTST/
917.9
4,954.8
Calculate trade-to-GDP for both case and define what does the trade-to-GDP ratio measure.
Compare the results for two countries and discuss if a low value indicate that a country is closed to
trade with the outside world.
Transcribed Image Text:Table 1. Export, Import and GDP in selected countries in 2018 Import (current USD, bln) 380.1 906.3 Export (current USD, bln 466.3 GDP (current USD, bln) 705.1 Switzerland Japan Data source: https://wits.worldbank.org/CountryProfile/en/Country/CHE/Year/LTST/ 917.9 4,954.8 Calculate trade-to-GDP for both case and define what does the trade-to-GDP ratio measure. Compare the results for two countries and discuss if a low value indicate that a country is closed to trade with the outside world.
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