1. Imports, exports, and the trade balance The following table shows the approxi

Question

1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1997 through 2001 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 GDP (Billions of dollars) 8,332.0 8,794.0 9,354.0 9,952.0 10,286.0 Exports (Billions of dollars) Year 1997 1998 1999 2000 2001 Imports (Billions of dollars) 1,055.8 1,115.7 1,251.4 1,475.3 1,398.7 (Billions of dollars) (Percentage of GDP) 954.4 953.9 989.3 1,093.2 1,027.7 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 1999 and 2000, the in dollar terms and as a percentage of GDP

Explanation / Answer

(1)

(2)

Between 1999 and 2000, the Deficit grew in dollar terms and grew as % of GDP.

Year GDP Export (X) Import (M) X - M X - M ($ Billion) ($ Billion) ($ Billion) ($ Billion) (% of GDP) (1) (2) (3) (4) = (2) - (3) (4) / (1) 1997 8,332 954.4 1,055.8 101.4 1.22% 1998 8,794 953.9 1,115.7 161.8 1.84% 1999 9,354 989.3 1,251.4 262.1 2.80% 2000 9,952 1,093.2 1,475.3 382.1 3.84% 2001 10,286 1,027.7 1,398.7 371 3.61%

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