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 1997 through 2001 Complete the table by calculating the trade surplus or trade deficit both in absolute (dollar) terms and as a percentage of GDP GDP Exports Imports Exports Billions of dollars 237.4 233.3 242.7 269.8 276.9 Imports (Billions of dollars) 233.0 240.1 256.2 287.8 300.9 (Billions of dollars) Year (Billions of dollars) 1997 1998 1999 2000 2001 (Percentage of GDP) 830.0 879.0 929.0 977.0 1,022.0 Source: Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Department of Commerce, last modified April 2011, accessed June 10, 2013, http://www.census.gov/compendia/statab/cats/income expenditures_ poverty_wealth/gross domestic product gdp.html. Between 1999 and 2000, the trade deficit of GDP in dollar terms and

Explanation / Answer

(a)

Exports - Imports ($ billion) = Exports - Imports

Exports - Imports (as % of GDP) = Absolute value of [(Exports - Imports) / GDP] x 100%

(b) Between 1999 and 2000, trade deficit increased in dollar terms and increased as % of GDP.

Year GDP Export Import Export - Import Export - Import ($ Billion) ($ Billion) ($ Billion) ($ Billion) (% of GDP) 1997 830 237.4 233 4.4 0.5% 1998 879 233.3 240.1 -6.8 0.8% 1999 929 242.7 256.2 -13.5 1.5% 2000 977 269.8 287.8 -18 1.8% 2001 1,022 276.9 300.9 -24 2.3%

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