Q.1.1 A measure used to control the physical level of imports allowed into a country. Q.1.2 Aggregate income of all permanent residents of a country. Q.1.3 A situation where merchandise exports are greater than merchandise imports. Q.1.4 The ratio between the change in income and the change in autonomous spending.

Q.1.1 A measure used to control the physical level of imports allowed into a country. Q.1.2 Aggregate income of all permanent residents of a country. Q.1.3 A situation where merchandise exports are greater than merchandise imports. Q.1.4 The ratio between the change in income and the change in autonomous spending.

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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A country has a trade surplus when Group of answer choices its exports exceed its imports. its government spending exceeds its tax revenues. its exports equal its imports. its exports are less than its imports.
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The exports of visible goods is worth $30 million and the imports of visible goods is $15 million Calculate the balance of trade