2. In the FRED database, find data on nominal gross domestic product (a measure of total output), nominal exports, nominal imports, the Federal government’s current receipts, and Federal government current expenditures for the past three calendar years.

a. Calculate the ratio of exports to GDP, the ratio of imports to GDP, and the ratio of the trade imbalance to GDP for the most recent three years. Is there any trend apparent in the data?

b. Calculate the ratio of Federal government receipts to GDP, the ratio of Federal government expenditures to GDP, and the ratio of the budget deficit to GDP, for the most recent three years. Is there any trend apparent in the data?