Whether the volume of export and import are increased or decreased after 1950.

Question

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Answer 1

Question

Chapter 31, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

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Students have asked these similar questions

a. Briefly discuss the determinants of imports b. Briefly discuss the determinants of exports c. Explain how a recession in the United States can affect the economies of other nations, including Namibia.

If imports exceed exports, is it a trade deficit or a trade surplus? What about if exports exceed imports?

Identify whether the given items are examples of imports, exports, or neither. Assume the United States is considered the domestic country. Heath lives in the United States and purchases a video game produced in Japan. a. neither b. import c. export Veronica lives in Tennessee and buys an orange grown in Florida. a. export b. import c. neither A Chinese consumer purchases a television produced in China. a. import b. export c. neither A farmer in Iowa sells corn to a food processing plant in China. a. export b. import c. neither Chevron drills for oil in the United States and sells this oil to refineries in Brazil and Mexico. a. neither b. export c. import

Answer 2

Question

Chapter 31, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

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

Chapter 31, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

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

Chapter 31, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

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 31, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 6

Chapter 31, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 7

Chapter 31, Problem 1CQQ

Sub part (a):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Answer 8

Sub part (a):

Expert Solution

Explanation of Solution

While comparing the US economy today to that of 1950, as a percentage of GDP, the volume of export and import seem to be increased. The economic situation is very different before and after 1950. Now, the volume of international trade is very higher and population of the economy has also increased. So, after 1950, both the export and import have become higher. Thus, option “a” is correct.

Answer 9

Sub part (a):

Expert Solution

Answer 10

Sub part (a):

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 13

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 14

Sub part (b):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Answer 15

Sub part (b):

Expert Solution

Explanation of Solution

After 1950, as a percentage of GDP, the volume of international trade has increased. Both the volumes of export and import have become higher. Thus, option “b” is incorrect.

Answer 16

Sub part (b):

Expert Solution

Answer 17

Sub part (b):

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 20

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 21

Sub part (c):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Answer 22

Sub part (c):

Expert Solution

Explanation of Solution

As per the percentage of GDP, the volume of import has increased after 1950. Thus, option “c” is incorrect.

Answer 23

Sub part (c):

Expert Solution

Answer 24

Sub part (c):

Expert Solution

Answer 25

Expert Solution

Answer 26

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 27

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Export: Export refers to trading of goods and services from one country to another country.

Import: It refers to goods and services that are bought domestically and they are produced in other countries.

Answer 28

Sub part (d):

To determine

Whether the volume of export and import are increased or decreased after 1950.

Answer 29

Sub part (d):

Expert Solution

Explanation of Solution

Comparing the export after and before 1950, it shows an increment in its volume. After 1950, more trade favorable policies have come into force which helps to increase the volume of export in the economy. Thus, option “d” is incorrect.