Attempts: Average: /1 1. Imports, exports, and the trade balance The following t
ID: 1107462 • Letter: A
Question
Attempts: Average: /1 1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1983 through 1987 Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answer to the nearest hundredth Exports- Imports Year 1983 1984 1985 1986 1987 GDP (Billions of dollars) 3,535.0 3,931.0 4,218.0 4,460.0 4,736.0 Exports (Billions of dollars) 277.0 302.4 302.0 320.3 363.8 Imports (Billions of dollars) 328.6 405.1 417.2 452.9 508.7 (Billions of dollars) (Percentage of GDP) Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html Between 1986 and 1987, the in dollar terms and as a percentage of GDPExplanation / Answer
1983
Export =277
Import =328.6
export - import =277- 328.6
=-51.6
Net export % of GDP = (Net export / Real GDP)*100
=(-51.6/ 3535)*100
=-1.45%
1984
Export =302.4
Import =405.1
export - import =302.4- 405.1
=-102.7
Net export % of GDP = (Net export / Real GDP)*100
=(-102.7/3931)*100
=-2.61%
1985
Export =302.0
Import =417.2
export - import =302.0- 417.2
=-115.2
Net export % of GDP = (Net export / Real GDP)*100
=(-115.2/4218)*100
=-2.73%
1986
Export =320.3
Import =452.9
export - import =320.3- 452.9
=-132.6
Net export % of GDP = (Net export / Real GDP)*100
=(-132.6/4460)*100
=-2.97%
1987
Export =363.8
Import =508.7
export - import =363.8- 508.7
=-144.9
Net export % of GDP = (Net export / Real GDP)*100
=(-144.9/4736)*100
=-3.05%
-2.61%
As it can be seen in the calculations that between 1986 to 1987 the net export decreases by = 144.9 - 132.6
=$12.3
t between 1986 to 1987 the net export decreases by $12.3 in dollar terms and.
The net export has decreased by 0.08 (3.05 -2.97=0.08) as a percentage of GDP.
year net export net export % of GDP 1983 -51.6 -1.45% 1984 -102.7-2.61%
1985 -115.2 -2.73% 1986 -132.6 -2.97% 1987 -144.9 -3.05%Related Questions
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