1. Imports, exports, and the trade balance The 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 dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Year 1997 1998 1999 2000 2001 GDP (Billions of dollars) 8,332.0 8,794.0 9,354.0 9,952.0 10,286.0 Exports Imports (Billions of dollars) (Billions of dollars) 954.4 1,055.8 953.9 1,115.7 1,251.4 1,475.3 1,398.7 Between 1997 and 1998, the 989.3 1,093.2 1,027.7 Exports - Imports (Percentage of GDP) (Billions of dollars) 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 1997 through 2001. 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 1997 1998 1999 2000 2001 GDP (Billions of dollars) 8,332.0 8,794.0 9,354.0 9,952.0 10,286.0 Exports Imports (Billions of dollars) (Billions of dollars) 954.4 1,055.8 953.9 1,115.7 1,251.4 1,475.3 1,398.7 Between 1997 and 1998, the 989.3 1,093.2 1,027.7 Exports - Imports (Percentage of GDP) (Billions of dollars) 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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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