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 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) 1997 8,332.0 954.4 1,055.8 1998 8,794.0 953.9 1,115.7 1999 9,354.0 989.3 1,251.4 2000 9,952.0 1,093.2 1,475.3 2001 10,286.0 1,027.7 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 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)
1997
8,332.0
954.4
1,055.8
1998
8,794.0
953.9
1,115.7
1999
9,354.0
989.3
1,251.4
2000
9,952.0
1,093.2
1,475.3
2001
10,286.0
1,027.7
1,398.7
Source: “Income, Expenditures, Poverty, & Wealth:
Between 1997 and 1998, the in dollar terms and as a percentage of GDP.
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