The following table shows the approximate value of exports and imports for the United States from 2006 through 2010. 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 GDP Exports Imports Exports – Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of Dollars) (Percentage of GDP) 2006 13,399.00 1,471.00 2,240.30 -769.30 -5.74 2007 14,062.00 1,661.70 2,375.70 -714.00 -5.08 2008 14,369.00 1,843.40 2,553.80 -710.40 -4.94 2009 14,119.00 1,578.40 1,964.70 -386.30 -2.74 2010 14,660.00 1,837.50 2,353.90 -516.40 -3.52 Step 3 In 2006, Net Exports = $1471.0 - $2240.30 = -$769.30. Net Exports as percentage of GDP = -769.30 / 13399 * 100 = - 5.74% Similarly has been calculated for other years Between 2007 and 2008, the _____________ in dollar terms and ________________ as a percentage of GDP.
The following table shows the approximate value of exports and imports for the United States from 2006 through 2010. 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 GDP Exports Imports Exports – Imports Exports – Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of Dollars) (Percentage of GDP) 2006 13,399.00 1,471.00 2,240.30 -769.30 -5.74 2007 14,062.00 1,661.70 2,375.70 -714.00 -5.08 2008 14,369.00 1,843.40 2,553.80 -710.40 -4.94 2009 14,119.00 1,578.40 1,964.70 -386.30 -2.74 2010 14,660.00 1,837.50 2,353.90 -516.40 -3.52 Step 3 In 2006, Net Exports = $1471.0 - $2240.30 = -$769.30. Net Exports as percentage of GDP = -769.30 / 13399 * 100 = - 5.74% Similarly has been calculated for other years Between 2007 and 2008, the _____________ in dollar terms and ________________ as a percentage of GDP.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The following table shows the approximate value of exports and imports for the United States from 2006 through 2010.
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 | GDP | Exports | Imports | Exports – Imports | Exports – Imports |
(Billions of dollars) | (Billions of dollars) | (Billions of dollars) | (Billions of dollars) | (Billions of Dollars) | (Percentage of GDP) |
2006 | 13,399.00 | 1,471.00 | 2,240.30 | -769.30 | -5.74 |
2007 | 14,062.00 | 1,661.70 | 2,375.70 | -714.00 | -5.08 |
2008 | 14,369.00 | 1,843.40 | 2,553.80 | -710.40 | -4.94 |
2009 | 14,119.00 | 1,578.40 | 1,964.70 | -386.30 | -2.74 |
2010 | 14,660.00 | 1,837.50 | 2,353.90 | -516.40 | -3.52 |
Step 3
In 2006, Net Exports = $1471.0 - $2240.30 = -$769.30.
Net Exports as percentage of GDP = -769.30 / 13399 * 100 = - 5.74%
Similarly has been calculated for other years
Between 2007 and 2008, the _____________ in dollar terms and ________________ as a percentage of GDP.
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