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 (Billions of dollars) 8,332.0 8,794.0 9,354.0 9,952.0 10,286.0 Exports Imports (Billions of dollars) (Billions of dollars) 954.4 1,055.8 953.9 989.3 1,093.2 1,027.7 Between 1999 and 2000, the deficit 1,115.7 1,251.4 1,475.3 1,398.7 shrank 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. (Billions of dollars) in dollar terms and remained the same as a percentage of GDP.
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 (Billions of dollars) 8,332.0 8,794.0 9,354.0 9,952.0 10,286.0 Exports Imports (Billions of dollars) (Billions of dollars) 954.4 1,055.8 953.9 989.3 1,093.2 1,027.7 Between 1999 and 2000, the deficit 1,115.7 1,251.4 1,475.3 1,398.7 shrank 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. (Billions of dollars) in dollar terms and remained the same as a percentage of GDP.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Imports, exports, and the trade balance

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 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
(Billions of dollars)
8,332.0
8,794.0
9,354.0
9,952.0
10,286.0
Between 1999 and 2000, the deficit
80
F3
Exports
Imports
(Billions of dollars) (Billions of dollars)
954.4
1,055.8
953.9
1,115.7
989.3
1,251.4
1,093.2
1,475.3
1,027.7
1,398.7
Q
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.
F4
iMessage
9
shrank
F5
MacBook Air
F6
Exports - Imports
(Billions of dollars)
F7
in dollar terms and remained the same as a percentage of GDP.
(Percentage of GDP)
DII
F8
D
F9
11
F10
F11
A
FV
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON

Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning

Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education