icloud Y Yahoo b Bing G Google LinkedIn on the graph, plot the values of exports
ID: 1215831 • Letter: I
Question
icloud Y Yahoo b Bing G Google LinkedIn on the graph, plot the values of exports and imports as a percentage of GDP for the years 1973 through 1977. use the orange points (square symbol) to plot the value of exports as a percentage of GDP to the nearest tenth of a percent. (For example, a value of 5.55% rounds 5.6% use the green polnts symbol) to plot the value of imports as a percentage of GDP, also to the nearest tenth of a percent. Une segments will connect the points automatically. EXPORTS AND IMPORTSIPercentage of GDPI Exports 7.6 6.4 1972 1973 1974 1975 1976 1977 1978 YEAR Which of the following statements is correct? O The United States ran a trade surplus in 1973. O of the years listed, the United States ran its largest trade surplus (in terms of dollars) in 1973. The value of imports increased each year from 1973 to 1977 Q The United States ran consistent trade deficits from 1973 to 1977.Explanation / Answer
No, given answer is incorrect because imports have come down in the year 1975.
Correct Answer:
Working Note:
In 1973
Exports = 6.6% of GDP
Imports = 6.5% of GDP
Trade surplus = Export - import = 6.6% - 6.5%
Trade surplus = .1% of GDP and it is positive.
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