Imports, exports, and the trade balance The following table shows the approximat
ID: 1194891 • Letter: I
Question
Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1968 through 1972. 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.
1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1968 through 1972 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 Exports Imports Exports (Billions of dollars) 47.9 51.9 59.7 63.0 70.8 Imports (Billions of dollars) 46.6 50.5 55.8 62.3 74.2 GDP (Billions of dollars) (Billions of dollars) (Percentage of GDP) Year 1968 1969 1970 1971 1972 910.0 985.0 1,039.0 1,127.0 1,238.0 Source:"Income, Expenditures, Poverty, & Wealth: modified April 2011, accessed Ju /gross_domestic_product_gdp.ht GDP)," United States grew tes Department of Commerce, last grew dia/statab/cats/inc wealth surplus ttp; remained the same shrank deficit shrank remained the same Between 1968 and 1969, the in dollar terms and as a percentage of GDP.Explanation / Answer
The trade balance in a economy is given as the export minus import for a given period of time. The surplus of export over import is called trade surplus and import over export is called trade deficit.
The completed table is given below.
Year
GDP
Export
Import
Export-Import
(in dollar terms)
Export-Import
(as a percentage of GDP)
1968
910
47.9
46.6
1.3
0.142857
1969
985
51.9
50.5
1.4
0.142132
1970
1039
59.7
55.8
3.9
0.375361
1971
1127
63
62.3
0.7
0.062112
1972
1238
70.8
74.2
-3.4
-0.27464
Between 1968 and 1969 surplus grew in dollar terms and remained the same as a percentage of GDP.
Year
GDP
Export
Import
Export-Import
(in dollar terms)
Export-Import
(as a percentage of GDP)
1968
910
47.9
46.6
1.3
0.142857
1969
985
51.9
50.5
1.4
0.142132
1970
1039
59.7
55.8
3.9
0.375361
1971
1127
63
62.3
0.7
0.062112
1972
1238
70.8
74.2
-3.4
-0.27464