1. Imports, exports, and the trade balanceThe following table shows the approximate value of exportand imports for the United States from 1997 through 2001Complete the table by calculating the surplus or deficit bothdollar terms and as a percentage of GDP. If necessary, roundyour answers to the nearest hundredth.GDPExportsYear (Billions of dollars) (Billions of dollars)19978,332.0954.419988,794.019999,354.09,952.010,286.020002001953.9989.31,093.21,027.7ImportsExports - Imports(Billions of dollars) (Billions of dollars) (Percentage of GDP)1,055.81,115.71,251.41,475.31,398.7Source: "Income, Expenditures, Poverty, & Wealth: Gross DomesticProduct (GDP)," United States Census Bureau, United States DepartmerCommerce, last modified September 2011, accessed June 10, 2013,https://www.census.gov/library/publications/2011/compendia/statabexpenditures-poverty-wealth.html.Between 1999 and 2000, theas a percentage of GDP.in dollar terms

Balance of trade or trade balance represents the difference between the values of export and import.

Answered: Complete the table by calculating the…

Complete the table by calculating the surplus or deficit both dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Open-economy Macroeconomics: Basic Concepts

Section: Chapter Questions

Problem 1PA

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Concept explainers

Fiscal Policy and Money Market

Fiscal policy is one of the important tools that is used by the government to control inflation or aggregate demand in the economy. Under this policy, there are two rules which are used by the government, one is the expenditure of the government and the other is the taxation or income of the government which it collects from the public.

Question

100%

1. Imports, exports, and the trade balance
The following table shows the approximate value of export
and imports for the United States from 1997 through 2001
Complete the table by calculating the surplus or deficit both
dollar terms and as a percentage of GDP. If necessary, round
your answers to the nearest hundredth.
GDP
Exports
Year (Billions of dollars) (Billions of dollars)
1997
8,332.0
954.4
1998
8,794.0
1999
9,354.0
9,952.0
10,286.0
2000
2001
953.9
989.3
1,093.2
1,027.7
Imports
Exports - Imports
(Billions of dollars) (Billions of dollars) (Percentage of GDP)
1,055.8
1,115.7
1,251.4
1,475.3
1,398.7
Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic
Product (GDP)," United States Census Bureau, United States Departmer
Commerce, last modified September 2011, accessed June 10, 2013,
https://www.census.gov/library/publications/2011/compendia/statab
expenditures-poverty-wealth.html.
Between 1999 and 2000, the
as a percentage of GDP.
in dollar terms

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