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

Question

7. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1975 through 1979 Year 1975 1976 1977 1978 1979 Exports (Billions of dollars) 132.6 142.7 152.3 178.4 224.1 Imports (Billions of dollars) 120.2 148.8 179.5 208.2 248.7 GDP (Billions of dollars) 1,638 1,825 2,031 2,295 2,563 Source: "ULS. Department of Commerce. In 1979, the United States ran a trade equal to On the graph, plot the values of exports and imports as a percentage of GDP for the years 1975 through 1979. 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 to 5.6%.) Use the green points (triangle symbol) to plot the value of imports as a percentage of GDP, also to the nearest tenth of a percent.

Explanation / Answer

In 1979, US ran trade deficit equal to $24.6 billion.

tradedeficit = Imports - Exports

=248.7-224.1

=24.6

Option (2) is correct. US ran trade surplus in 1975.

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