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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 Year (Billions of dollars) 1972 1973 1974 1975 1976 1,238.0 1,382.0 1,500.0 1,638.0 1,825.0 Exports Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) 70.8 74.2 91.2 127.5 122.7 151.1 Between 1973 and 1974, the 95.3 126.7 138.7 149.5 Exports - Imports (Percentage of GDP) 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.

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 Year (Billions of dollars) 1972 1973 1974 1975 1976 1,238.0 1,382.0 1,500.0 1,638.0 1,825.0 Exports Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) 70.8 74.2 91.2 127.5 122.7 151.1 Between 1973 and 1974, the 95.3 126.7 138.7 149.5 Exports - Imports (Percentage of GDP) 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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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First blank: Surplus/Deficit

Second blank: Grew/Shrank/Remained the same

Third blank: Grew/Shrank/Remained the same

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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 1972 through 1976. 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 1972 1973 1974 1975 1976 GDP (Billions of dollars) 1,238.0 1,382.0 1,500.0 1,638.0 1,825.0 Exports (Billions of dollars) 70.8 95.3 126.7 138.7 149.5 Between 1973 and 1974, the Imports (Billions of dollars) (Billions of dollars) 74.2 91.2 127.5 122.7 151.1 Exports - Imports (Percentage of GDP) 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.
Transcribed Image Text:1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1972 through 1976. 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 1972 1973 1974 1975 1976 GDP (Billions of dollars) 1,238.0 1,382.0 1,500.0 1,638.0 1,825.0 Exports (Billions of dollars) 70.8 95.3 126.7 138.7 149.5 Between 1973 and 1974, the Imports (Billions of dollars) (Billions of dollars) 74.2 91.2 127.5 122.7 151.1 Exports - Imports (Percentage of GDP) 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.
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