TABLE 12-1 Income, Expenditure, and the Current Account The table shows data for the United States from 1990 to 2011 in billions of U.S. dollars. During this period, in all but one year U.S. expenditure exceeded income, with the U.S. current account in deficit. The last (small) surplus was in 1991. 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Income Expenditure Gross National Disposable Income Gross National Expenditure $5,803 6,027 6,330 6,653 7,063 7,400 7,821 8,304 8,751 9,324 9,923 10,266 10,618 11,130 11,847 12,605 13,348 14,026 14,322 13,980 14,562 15,178 15,771 $5,878 6,019 6,375 6,732 7,178 7,505 7,935 8,434 8,955 9,616 10,334 10,657 11,070 11,646 12,472 13,346 14,147 14,742 15,001 14,362 15,011 15,644 16,245 Difference Current Account -$75 8 -46 -79 -115 -105 -116 -129 -205 -292 -410 -392 -452 -516 -625 -741 -798 -716 -679 -382 -466 -474

TABLE 12-1 Income, Expenditure, and the Current Account The table shows data for the United States from 1990 to 2011 in billions of U.S. dollars. During this period, in all but one year U.S. expenditure exceeded income, with the U.S. current account in deficit. The last (small) surplus was in 1991. 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Income Expenditure Gross National Disposable Income Gross National Expenditure $5,803 6,027 6,330 6,653 7,063 7,400 7,821 8,304 8,751 9,324 9,923 10,266 10,618 11,130 11,847 12,605 13,348 14,026 14,322 13,980 14,562 15,178 15,771 $5,878 6,019 6,375 6,732 7,178 7,505 7,935 8,434 8,955 9,616 10,334 10,657 11,070 11,646 12,472 13,346 14,147 14,742 15,001 14,362 15,011 15,644 16,245 Difference Current Account -$75 8 -46 -79 -115 -105 -116 -129 -205 -292 -410 -392 -452 -516 -625 -741 -798 -716 -679 -382 -466 -474

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter19: International Finance And The Foreign Exchange Market

Section: Chapter Questions

Problem 10CQ

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