Calculate the values of exports, imports, and balance of trade .

Question

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Answer 1

Question

Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

Explanation of Solution

Table-1 shows the values of exports, imports, and balance of trade of the top five trading partners of the U S in 2014 below:

Table-1

Country	Exports(in dollar)	Imports ( in dollar)	BOT (in dollar)
Can	374,864	384,428	−9,564
Chi	167,207	482,323	−315,116
Mex	270,721	320,889	−50,168
Jap	114,712	167,916	−53,205
Germ	77.823	156,986	−79,163

The value of the exports and imports of different products will vary.

In the case of Can, they export and import the same products with the US, such as fuel, vehicle, and machinery.

Chi imports mainly agricultural items from the US and exports of furniture, toys, machinery, clothes to the US.

Mex exports and imports the same products with the US, such as fuel, vehicle, and machinery.

Jap exports and imports the same products with the US, such as medical instruments, aircraft, and machinery.

Germ exports machinery, vehicle, and pharmaceutical products to the US and imports aircraft, machinery, medical instruments, and pharmaceutical products from the US.

Economics Concept Introduction

Exports: Exporting is the process of sending goods and services from one country to another country as part of the trade transaction.

Imports: Importing is the process of implementing goods and services from one country to another country as part of the trade transaction.

Balance of trade: The balance of trade shows the difference between the exports and imports in a country.

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Responsd to Luis Rodriguez 1800 tons of pomegranates a year is a lot of sweetness! So, you can get 71 Afghanis for $1? How cool. Does that mean you can buy a lot of stuff in Afghanistan for only $1? How do you know that your purchasing power in Afghanistan is stronger than in the United States? Yes, with an exchange rate of 71 Afghan Afghani for 1 US dollar, you can buy many things in Afghanistan for just $1. However, purchasing power isn't solely determined by the exchange rate. It also depends on the cost of goods and services in each country. For example, if a meal in Afghanistan costs 200 Afghanis, you would need about $2.82 to buy that meal in US dollars (since 200 Afghanis divided by 71 Afghanis per dollar equals approximately $2.82). So, while the exchange rate allows you to get more Afghanis for your dollars, you also need to consider how much things cost in Afghanistan. Now that the world seems to like Afghani stuff and is buying more of it, does that mean your…

The idea that a country can experience gains from trade means that it can A) consume at a point outside its production possibilities frontier. B) increase its exports. C) increase the efficiency of its production. D) experience a bowed-out production possibilities frontier.

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Answer 2

Question

Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

Explanation of Solution

Table-1 shows the values of exports, imports, and balance of trade of the top five trading partners of the U S in 2014 below:

Table-1

Country	Exports(in dollar)	Imports ( in dollar)	BOT (in dollar)
Can	374,864	384,428	−9,564
Chi	167,207	482,323	−315,116
Mex	270,721	320,889	−50,168
Jap	114,712	167,916	−53,205
Germ	77.823	156,986	−79,163

The value of the exports and imports of different products will vary.

In the case of Can, they export and import the same products with the US, such as fuel, vehicle, and machinery.

Chi imports mainly agricultural items from the US and exports of furniture, toys, machinery, clothes to the US.

Mex exports and imports the same products with the US, such as fuel, vehicle, and machinery.

Jap exports and imports the same products with the US, such as medical instruments, aircraft, and machinery.

Germ exports machinery, vehicle, and pharmaceutical products to the US and imports aircraft, machinery, medical instruments, and pharmaceutical products from the US.

Economics Concept Introduction

Exports: Exporting is the process of sending goods and services from one country to another country as part of the trade transaction.

Imports: Importing is the process of implementing goods and services from one country to another country as part of the trade transaction.

Balance of trade: The balance of trade shows the difference between the exports and imports in a country.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

Explanation of Solution

Table-1 shows the values of exports, imports, and balance of trade of the top five trading partners of the U S in 2014 below:

Table-1

Country	Exports(in dollar)	Imports ( in dollar)	BOT (in dollar)
Can	374,864	384,428	−9,564
Chi	167,207	482,323	−315,116
Mex	270,721	320,889	−50,168
Jap	114,712	167,916	−53,205
Germ	77.823	156,986	−79,163

The value of the exports and imports of different products will vary.

In the case of Can, they export and import the same products with the US, such as fuel, vehicle, and machinery.

Chi imports mainly agricultural items from the US and exports of furniture, toys, machinery, clothes to the US.

Mex exports and imports the same products with the US, such as fuel, vehicle, and machinery.

Jap exports and imports the same products with the US, such as medical instruments, aircraft, and machinery.

Germ exports machinery, vehicle, and pharmaceutical products to the US and imports aircraft, machinery, medical instruments, and pharmaceutical products from the US.

Economics Concept Introduction

Exports: Exporting is the process of sending goods and services from one country to another country as part of the trade transaction.

Imports: Importing is the process of implementing goods and services from one country to another country as part of the trade transaction.

Balance of trade: The balance of trade shows the difference between the exports and imports in a country.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

Explanation of Solution

Table-1 shows the values of exports, imports, and balance of trade of the top five trading partners of the U S in 2014 below:

Table-1

Country	Exports(in dollar)	Imports ( in dollar)	BOT (in dollar)
Can	374,864	384,428	−9,564
Chi	167,207	482,323	−315,116
Mex	270,721	320,889	−50,168
Jap	114,712	167,916	−53,205
Germ	77.823	156,986	−79,163

The value of the exports and imports of different products will vary.

In the case of Can, they export and import the same products with the US, such as fuel, vehicle, and machinery.

Chi imports mainly agricultural items from the US and exports of furniture, toys, machinery, clothes to the US.

Mex exports and imports the same products with the US, such as fuel, vehicle, and machinery.

Jap exports and imports the same products with the US, such as medical instruments, aircraft, and machinery.

Germ exports machinery, vehicle, and pharmaceutical products to the US and imports aircraft, machinery, medical instruments, and pharmaceutical products from the US.

Economics Concept Introduction

Exports: Exporting is the process of sending goods and services from one country to another country as part of the trade transaction.

Imports: Importing is the process of implementing goods and services from one country to another country as part of the trade transaction.

Balance of trade: The balance of trade shows the difference between the exports and imports in a country.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

Explanation of Solution

Table-1 shows the values of exports, imports, and balance of trade of the top five trading partners of the U S in 2014 below:

Table-1

Country	Exports(in dollar)	Imports ( in dollar)	BOT (in dollar)
Can	374,864	384,428	−9,564
Chi	167,207	482,323	−315,116
Mex	270,721	320,889	−50,168
Jap	114,712	167,916	−53,205
Germ	77.823	156,986	−79,163

The value of the exports and imports of different products will vary.

In the case of Can, they export and import the same products with the US, such as fuel, vehicle, and machinery.

Chi imports mainly agricultural items from the US and exports of furniture, toys, machinery, clothes to the US.

Mex exports and imports the same products with the US, such as fuel, vehicle, and machinery.

Jap exports and imports the same products with the US, such as medical instruments, aircraft, and machinery.

Germ exports machinery, vehicle, and pharmaceutical products to the US and imports aircraft, machinery, medical instruments, and pharmaceutical products from the US.

Economics Concept Introduction

Exports: Exporting is the process of sending goods and services from one country to another country as part of the trade transaction.

Imports: Importing is the process of implementing goods and services from one country to another country as part of the trade transaction.

Balance of trade: The balance of trade shows the difference between the exports and imports in a country.

Answer 6

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

Explanation of Solution

Table-1 shows the values of exports, imports, and balance of trade of the top five trading partners of the U S in 2014 below:

Table-1

Country	Exports(in dollar)	Imports ( in dollar)	BOT (in dollar)
Can	374,864	384,428	−9,564
Chi	167,207	482,323	−315,116
Mex	270,721	320,889	−50,168
Jap	114,712	167,916	−53,205
Germ	77.823	156,986	−79,163

The value of the exports and imports of different products will vary.

In the case of Can, they export and import the same products with the US, such as fuel, vehicle, and machinery.

Chi imports mainly agricultural items from the US and exports of furniture, toys, machinery, clothes to the US.

Mex exports and imports the same products with the US, such as fuel, vehicle, and machinery.

Jap exports and imports the same products with the US, such as medical instruments, aircraft, and machinery.

Germ exports machinery, vehicle, and pharmaceutical products to the US and imports aircraft, machinery, medical instruments, and pharmaceutical products from the US.

Economics Concept Introduction

Exports: Exporting is the process of sending goods and services from one country to another country as part of the trade transaction.

Imports: Importing is the process of implementing goods and services from one country to another country as part of the trade transaction.

Balance of trade: The balance of trade shows the difference between the exports and imports in a country.

Answer 7

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Answer 8

Expert Solution & Answer

Explanation of Solution

Table-1 shows the values of exports, imports, and balance of trade of the top five trading partners of the U S in 2014 below:

Table-1

Country	Exports(in dollar)	Imports ( in dollar)	BOT (in dollar)
Can	374,864	384,428	−9,564
Chi	167,207	482,323	−315,116
Mex	270,721	320,889	−50,168
Jap	114,712	167,916	−53,205
Germ	77.823	156,986	−79,163

The value of the exports and imports of different products will vary.

In the case of Can, they export and import the same products with the US, such as fuel, vehicle, and machinery.

Chi imports mainly agricultural items from the US and exports of furniture, toys, machinery, clothes to the US.

Mex exports and imports the same products with the US, such as fuel, vehicle, and machinery.

Jap exports and imports the same products with the US, such as medical instruments, aircraft, and machinery.

Germ exports machinery, vehicle, and pharmaceutical products to the US and imports aircraft, machinery, medical instruments, and pharmaceutical products from the US.