Recall from Question 3 in this homework the table showing the approximate value

Question

Recall from Question 3 in this homework the table showing the approximate value of exports and imports for the United States from 1973 through 1977 Year Exports ($, billions) 91.2 120.9 132.6 142.7 152.3 Imports ($, billions) 89.3 125.2 120.2 148.8 179.5 1973 1974 1975 1976 1977 Source: U.S. Department of Commerce Which of the following statements are correct? Check all that apply. a·The value of exports (in nominal dollars) increased each year from 1973 to 1977 b. The United States ran a trade surplus in 1973 c·The United States ran consistent trade deficits between 1973 and 1977 O d. Of the years listed, the United States ran its largest trade surplus (in nominal dollars) in 1973

Explanation / Answer

Answer.)

- a.) The value of exports ( in nominal dollars) increased each year from 1973 to 1977

- b.) The United States ran a trade surplus in 1973.

United states had a trade surplus in 1975. so argument of consistent trade deficit between 1973 and 1977 is incorrect.

United states had its largest trade surplus in 1975.

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