Confused and unsure how to figure out the dollar and percent amounts The following table shows the approximate value of exports and imports for the United States from 2002 through 2006.Complete the table by calculating the trade surplus or trade deficit both in absolute (dollar) terms and as a percentage of GDP.ImportsExports - Imports(Billions of dollars) (Billions of dollars) (Percentage of GDP)40.840.140.3GDPYear (Billions of dollars)2002125.02003130.3200420052006141.7151.7160.3Exports(Billions of dollars)43.742.340.743.543.944.5Between 2004 and 2005, the trade surplus47.5Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Department of Commerce, last modified April2011, accessed June 10, 2013, http://www.census.gov/compendia/statab/cats/income_expenditures_poverty_wealth/gross_domestic_product_gdp.html.in dollar terms andas a percentage of GDP.

The difference between exports and imports is called trade balance. The trade balance is in surplus…

The following table shows the approximate value of exports and imports for the United States from 2002 through 2006. Complete the table by calculating the trade surplus or trade deficit both in absolute (dollar) terms and as a percentage of GDP. GDP Exports Importe Exports Importe

The following table shows the approximate value of exports and imports for the United States from 2002 through 2006. Complete the table by calculating the trade surplus or trade deficit both in absolute (dollar) terms and as a percentage of GDP. GDP Exports Importe Exports Importe

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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