The value of U.S. exports and imports.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 9, Problem 9.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

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!

Students have asked these similar questions

Sam's profit is maximized when he produces shirts. When he does this, the marginal cost of the last shirt he produces is , which is than the price Sam receives for each shirt he sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize his profit) is , which is than the price Sam receives for each shirt he sells. Therefore, Sam's profit-maximizing quantity corresponds to the intersection of the curves. Because Sam is a price taker, this last condition can also be written as .

Why must total spending be equal to total income in an economy? Total income plus total spending equals total output. The value-added measurement of GDP shows this is true. Every dollar that someone spends is a dollar of income for someone else. all of the above

Labor Market Data Price $5 $10 $15 $20 $25 3,000,000 6,000,000 9,000,000 12,000,000 15,000,000 Qd 15,000,000 12,000,000 9,000,000 6,000,000 3,000,000 Price $30 $25 $20 $15 $10 $5 + +- x- 3 6 Do + + F 9 12 15 Quantity (In millions) Area of a triangle = 1/2* base *height Market Efficiency & Total Surplus Worth Publishers SCENARIO: The state government is considering raising the minimum wage from $15 per hour to $20 per hour over the next 3 years. As an economic advisor to the governor, you have been asked to provide a recommendation on whether the minimum wage should be increased based on economic theory. Consider the labor market data provided. Prepare a brief report that: 1. Explains whether the labor market is currently efficient at the equilibrium wage of $15 per hour. How would you know? At equilibrium, what (dollar amount) is the Total Surplus this market provides? Show your rationale with numbers. 2. Analyzes the impact on total surplus in the market if the minimum wage is raised…

Answer 2

Question

Chapter 9, Problem 9.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

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 9, Problem 9.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

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 9, Problem 9.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

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 9, Problem 9.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

Answer 6

Chapter 9, Problem 9.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

Answer 7

Chapter 9, Problem 9.1.1RQ

To determine

The value of U.S. exports and imports.

Answer 8

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.