First blank: Surplus/DeficitSecond blank: Grew/Shrank/Remained the sameThird blank: Grew/Shrank/Remained the sameNote:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 1. Imports, exports, and the trade balanceThe following table shows the approximate value of exports and imports for the United States from 1972 through 1976.Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answersto the nearest hundredth.Year19721973197419751976GDP(Billions of dollars)1,238.01,382.01,500.01,638.01,825.0Exports(Billions of dollars)70.895.3126.7138.7149.5Between 1973 and 1974, theImports(Billions of dollars) (Billions of dollars)74.291.2127.5122.7151.1Exports - Imports(Percentage of GDP)Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Department of Commerce, last modifiedSeptember 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html.in dollar terms andas a percentage of GDP.

Export is defined as the demand for domestic good from rest of world.Imports is defined as the…

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. GDP Year (Billions of dollars) 1972 1973 1974 1975 1976 1,238.0 1,382.0 1,500.0 1,638.0 1,825.0 Exports Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) 70.8 74.2 91.2 127.5 122.7 151.1 Between 1973 and 1974, the 95.3 126.7 138.7 149.5 Exports - Imports (Percentage of GDP) 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. in dollar terms and as a percentage of GDP.

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. GDP Year (Billions of dollars) 1972 1973 1974 1975 1976 1,238.0 1,382.0 1,500.0 1,638.0 1,825.0 Exports Imports (Billions of dollars) (Billions of dollars) (Billions of dollars) 70.8 74.2 91.2 127.5 122.7 151.1 Between 1973 and 1974, the 95.3 126.7 138.7 149.5 Exports - Imports (Percentage of GDP) 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. in dollar terms and as a percentage of GDP.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 5E

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1. Imports, exports, and the trade balanceThe following table shows the approximate value of exports and imports for the United States from 1997 through 2001.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.YearGDPExportsImportsExports – Imports(Billions of dollars)(Billions of dollars)(Billions of dollars)(Billions of dollars)(Percentage of GDP)19978,332.0 954.41,055.8 19988,794.0 953.91,115.7 19999,354.0 989.31,251.4 20009,952.0 1,093.21,475.3 200110,286.0 1,027.71,398.7 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 1997 and 1998, the in dollar terms and as a percentage of GDP.
1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1983 through 1987. Complete the table by calculating the surplus or deficit both in dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. 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 1984 and 1985, the ______ (surplus/deficit) _______(grew/shrank/remained the same) in dollar terms and ______ (grew/shrank/remained the same) as a percentage of GDP. Grade It Now Save & Continue
1. Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1983 through 1987. 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. GDP Exports Imports Exports - Imports Year (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Percentage of GDP) 1983 3,535.0 277.0 328.6 1984 3,931.0 302.4 405.1 1985 4,218.0 302.0 417.2 1986 4,460.0 320.3 452.9 1987 4,736.0 363.8 508.7 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 1984 and 1985, the in dollar terms and as a percentage of GDP.
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 dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. GDP Year (Billions of dollars) 1968 910.0 985.0 1,039.0 1,127.0 1,238.0 1969 1970 1971 1972 Exports (Billions of dollars) 47.9 51.9 59.7 Between 1970 and 1971, the 63.0 70.8 Imports (Billions of dollars) 46.6 50.5 55.8 62.3 74.2 Exports (Billions of dollars) 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. Imports (Percentage of GDP) in dollar terms and as a percentage of GDP.
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Generally, how does the standard of living in the United States today compare to the standard of living in other countries? To the standard of living in the United States a century ago?The Bureau of Economic Analysis, or BEA, is a government agency collecting various U.S. economy statistics. From the BEA’s website, find data for the most recent year available on U.S. exports and imports of goods and services. Is the United States running a trade surplus or deficit? Calculate the ratio of the surplus or deficit to U.S. exports.There are many people out there providing opinions on the economy. How can differences of opinion about economic policy recommendations be resolved?
If you have the following data that representing an economy of a country as follow: transfer payments Indirect taxes 355 315 Wages social security deductions personal taxes (direct taxes ) Imports 2335 125 410 350 Rent 250 income of foreigners inside Jordan Exports retained (undistributed) profit 450 145 70 Interest Depreciations transfer payments 360 50 355 income of the Jordanian from abroad 300 Gross private investment expenditures 750 corporate taxes 275 Government expenditures 740 Profit 475 According to the above information answer the following questions: 1. find the following values related to GDP accounts : • Gross domestic product (GDP) according expenditure approach
4. Analyzing the effects of a trade deficit You have just been hired by the U.S. government to analyze the following scenario. Suppose the U.S. agricultural industry is concerned about the level of fruit and vegetable imports to the United States, a practice that hurts domestic producers. Lobbyists claim that implementing a tariff on imports would shrink the size of the trade deficit. The following exercise will help you to analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. REAL EXCHANGE RATE (Units of foreign currency per dollar) QUANTITY OF DOLLARS Given this change, the dollar Supply Change due to a tariff Demand Fill in the following table with the effect of a tariff on the following items: Demand Supply (?) Demand for Loanable Funds Real Interest Rate National Saving Net…
4. Analyzing the effects of a trade deficit You have just been hired by the U.S. government to analyze the following scenario. Suppose the U.S. agricultural industry is concerned about the level of fruit and vegetable imports to the United States, a practice that hurts domestic producers. Lobbyists claim that implementing a tariff on imports would shrink the size of the trade deficit. The following exercise will help you to analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. Supply IN Demand QUANTITY OF DOLLARS REAL EXCHANGE RATE (Units of foreign currency per dollar) Demand Supply ?
The table below shows data on U.S. exports and imports of goods and services for five years. For each of these years, indicate whether the United States was running a trade surplus or deficit, and dollar amount of the surplus or deficit, and calculate the ratio as a percent of the surplus deficit to U.S. exports. Instructions: In the event a deficit, do NOT include a negative sign (-) for either the dollar amount or the ratio (.% of exports). Enter your responses rounded to one decimal place. U.S. Exports (billions of dollars) U.S. Imports (billions of dollars) Year Surplus or deficit Amount of surplus/deficit (billions of dollars) Surplus/ deficit as a percent of exports 1 457.1 642.0 Deficit 2 531.2 667.2 Deficit % 3 592.7 696.6 Deficit 4 745.0 721.5 Surplus % 687.6 720.4 Deficit %
4. Analyzing the effects of a trade deficit Suppose the U.S. government has just hired you to analyze the following scenario. Assume the U.S. agricultural industry grows concerned about the amount of fresh fruit imports to the United States, a practice that harms domestic producers. Industry experts claim that implementing a tariff on imports would reduce the size of the trade deficit. Complete the following exercise in order to help you analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. REAL EXCHANGE RATE (Units of foreign currency per dollar) Supply QUANTITY OF DOLLARS Demand Demand -0- Supply Ⓡ
4. Analyzing the effects of a trade deficit Suppose the U.S. government has just hired you to analyze the following scenario. Assume the U.S. agricultural industry grows concerned about the amount of fresh fruit imports to the United States, a practice that harms domestic producers. Industry experts claim that implementing a tariff on imports would reduce the size of the trade deficit. Complete the following exercise in order to help you analyze this claim. The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market. Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff. REAL EXCHANGE RATE (Units of foreign currency per dollar) Supply QUANTITY OF DOLLARS Demand Demand Supply ?