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 1968 through 1972 Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your an: to the nearest hundredth Exports Imports Exports (Billions of dollars) 47.9 51.9 59.7 63.0 70.8 GDP Imports (Billions of dollars) 46.6 (Billions of dollars) (Percentage of GDP) Year 1968 1969 1970 1971 1972 (Billions of dollars) 910.0 985.0 1,039.0 1,127.0 1,238.0 50.5 55.8 62.3 74.2 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 1968 and 1969, the in dollar terms and as a percentage of GDP

Explanation / Answer

Between 1968 and 1969,net exports increased in dollar terms and decreased in percentage terms.

For calculating %=(Net exports/GDP)*100

Please leave a comment in case of a query.

Year GDP Exports Imports Net exports % of GDP 1968 910 47.9 46.6 1.3 .1428 1969 985 51.9 50.5 1.4 .1421 1970 1039 59.7 55.8 3.9 .37 1971 1127 63 62.3 .7 .062 1972 1238 70.8 74.2 -3.4 .27

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