Economics(1) US Goods Exports(2) US Goods Imports(3) US Service Exports(4) US Service Imports(5) Net Investment Income(6) Net Transfers(7) Foreign Purchases of Assets in the United +30States+$100-$60+40-90+20-15(8) US Purchases of Foreign Assets Abroad -$30(9) Balance on Capital AccountThe table contains hypothetical data for the U.S.balance of payments. All figures are in billions ofdollars. The United States has a balance of goodsMultiple ChoiceA surplus of $40 billion.B deficit of $30 billion.C surplus of -$40 billion.D deficit of $160 billion.+5

The balance of payment (BOP) is the financial statement of a country which records all of its…

Answered: dollars. The United States has a…

dollars. The United States has a balance of goods Multiple Choice A surplus of $40 billion. B deficit of $30 billion. C surplus of -$40 billion. D deficit of $160 billion.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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 absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth.YearGDPExportsImportsExports – Imports(Billions of dollars)(Billions of dollars)(Billions of dollars)(Billions of dollars)(Percentage of GDP)19978,332.0 954.41,055.8 19988,794.0 953.91,115.7 19999,354.0 989.31,251.4 20009,952.0 1,093.21,475.3 200110,286.0 1,027.71,398.7 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.
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