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2.(10points)Inthedata,thetradedeficitappearstobeprocyclical(takethisasastatementoffact).Definewhatismeantbyatradedeficitandbythetradedeficitexhibitingprocyclicalbehavior.Usingoneoftheopeneconomymodelsstudied,useadiagramtooutlineapossibleexplanationfortheprocyclicalbehaviorofthetradedeficit.Note:youmayincludeabriefexplanationtoaccompanyyourdiagramtodetailthemechanismbywhichweareabletoobtainaprocyclicaltradedeficit.

2.(10points)Inthedata,thetradedeficitappearstobeprocyclical(takethisasastatementoffact).Definewhatismeantbyatradedeficitandbythetradedeficitexhibitingprocyclicalbehavior.Usingoneoftheopeneconomymodelsstudied,useadiagramtooutlineapossibleexplanationfortheprocyclicalbehaviorofthetradedeficit.Note:youmayincludeabriefexplanationtoaccompanyyourdiagramtodetailthemechanismbywhichweareabletoobtainaprocyclicaltradedeficit.

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