Fill in the blank options: (surplus/dficit), (grew,shrank, remained the same), (

Question

Fill in the blank options: (surplus/dficit), (grew,shrank, remained the same), (grew,shrank,remained the same)

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 answers to the nearest hundredth Exports Imports Exports (Billions of dollars) 47.9 51.9 59.7 63.0 70.8 Imports (Billions of dollars) 46.6 50.5 55.8 62.3 74.2 GDP (Billions of dollars) (Billions of dollars) (Percentage of GDP) Year 1968 1969 1970 1971 1972 910.0 985.0 1,039.0 1,127.0 1,238.0 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 1970 and 1971, the in dollar terms and as a percentage of GDP.

Explanation / Answer

Answer to blank 1: surplus

Answer to blank 2: shrank

Answer to blank 3: shrank

Year GDP EXPORT IMPORT EX - IM (BILLIONS OF DOLLAR) EX-IM (% OF GDP) 1968 910 47.9 46.6 1.3 0.14% 1969 985 51.9 50.5 1,4 0.14% 1970 1039 59.7 55.8 3.9 0.38% 1971 1127 63.0 62.3 0.7 0.06% 1972 1238 70.8 74.2 -3.4 0.27%

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