Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 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 dollar terms and as a percentage of GDP. If necessary, round your answers to thenearest hundredth.Year19971998199920002001GDPExports(Billions of dollars) (Billions of dollars)8,332.0954.48,794.0953.99,354.0989.39,952.01,093.210,286.01,027.7ImportsExports(Billions of dollars) (Billions of dollars)1,055.8Between 1997 and 1998, the1,115.71,251.41,475.31,398.7Source: "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.

The buyers and sellers exchange goods across international borders is known as international trade.…

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 Exports Imports. Exports- Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 8,332.0 954.4 1,055.8 953.9 989.3 1,093.2 1,027.7 8,794.0 9,354.0 9,952.0 10,286.0 1,115.7 1,251.4 1,475.3 1,398.7 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 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 Exports Imports. Exports- Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 8,332.0 954.4 1,055.8 953.9 989.3 1,093.2 1,027.7 8,794.0 9,354.0 9,952.0 10,286.0 1,115.7 1,251.4 1,475.3 1,398.7 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.

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 43P: In 2001, the United Kingdoms economy exported goods worth 192 billion and services worth another 77...

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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
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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 absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. GDP Exports Imports Exports - Imports Year (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 1983 3,535.0 277.0 328.6 1984 3,931.0 302.4 405.1 1985 4,218.0 302.0 417.2 1986 4,460.0 320.3 452.9 1987 4,736.0 363.8 508.7 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 1984 and 1985, the in dollar terms and as a percentage of GDP.
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1. Imports, exports, and the trade balance The following table shows the approximate value of export and imports for the United States from 1997 through 2001 Complete the table by calculating the surplus or deficit both dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. GDP Exports Year (Billions of dollars) (Billions of dollars) 1997 8,332.0 954.4 1998 8,794.0 1999 9,354.0 9,952.0 10,286.0 2000 2001 953.9 989.3 1,093.2 1,027.7 Imports Exports - Imports (Billions of dollars) (Billions of dollars) (Percentage of GDP) 1,055.8 1,115.7 1,251.4 1,475.3 1,398.7 Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Departmer Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab expenditures-poverty-wealth.html. Between 1999 and 2000, the as a percentage of GDP. in dollar terms
Imports, exports, and the trade balance
4. Analyzing the effects of a trade deficit You have just been hired by the U.S. government to analyze the following scenario. Suppose the U.S. agricultural industry is concerned about the level of fruit and vegetable imports to the United States, a practice that hurts domestic producers. Lobbyists claim that implementing a tariff on imports would shrink the size of the trade deficit. The following exercise will help you to analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. Supply IN Demand QUANTITY OF DOLLARS REAL EXCHANGE RATE (Units of foreign currency per dollar) Demand Supply ?
4. Analyzing the effects of a trade deficit You have just been hired by the U.S. government to analyze the following scenario. Suppose the U.S. agricultural industry is concerned about the level of fruit and vegetable imports to the United States, a practice that hurts domestic producers. Lobbyists claim that implementing a tariff on imports would shrink the size of the trade deficit. The following exercise will help you to analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. REAL EXCHANGE RATE (Units of foreign currency per dollar) QUANTITY OF DOLLARS Given this change, the dollar Supply Change due to a tariff Demand Fill in the following table with the effect of a tariff on the following items: Demand Supply (?) Demand for Loanable Funds Real Interest Rate National Saving Net…
4. Analyzing the effects of a trade deficit Suppose the U.S. government has just hired you to analyze the following scenario. Assume the U.S. agricultural industry grows concerned about the amount of fresh fruit imports to the United States, a practice that harms domestic producers. Industry experts claim that implementing a tariff on imports would reduce the size of the trade deficit. Complete the following exercise in order to help you analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. REAL EXCHANGE RATE (Units of foreign currency per dollar) Supply QUANTITY OF DOLLARS Demand Demand Supply ?
4. Analyzing the effects of a trade deficit Suppose the U.S. government has just hired you to analyze the following scenario. Assume the U.S. agricultural industry grows concerned about the amount of fresh fruit imports to the United States, a practice that harms domestic producers. Industry experts claim that implementing a tariff on imports would reduce the size of the trade deficit. Complete the following exercise in order to help you analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. REAL EXCHANGE RATE (Units of foreign currency per dollar) Supply QUANTITY OF DOLLARS Demand Demand -0- Supply Ⓡ
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4. Analyzing the effects of a trade deficit Suppose the U.S. government has just hired you to analyze the following scenario. Assume the U.S. automobile industry grows concerned about foreign manufacturers exporting fuel-efficient vehicles to the United States, a practice that harms domestic producers. Industry experts claim that implementing a quota on imports would reduce the size of the trade deficit. Complete the following exercise in order to help you analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the quota. REAL EXCHANGE RATE (Units of foreign currency per dollar) Supply QUANTITY OF DOLLARS Given this change, the dollar appreciates Change due to a quota D2 D1 Demand Supply Fill in the following table with the effect of a quota on the following items: Supply of Loanable Funds Real…