Question
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
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 surplus or deficit both in dollar terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth.
Year | GDP | Exports | Imports | Exports - Imports | |
---|---|---|---|---|---|
(Billions of dollars) | (Billions of dollars) | (Billions of dollars) | (Billions of dollars) | (Percentage of GDP) | |
1997 | 8,332.0 | 954.4 | 1,055.8 | ||
1998 | 8,794.0 | 953.9 | 1,115.7 | ||
1999 | 9,354.0 | 989.3 | 1,251.4 | ||
2000 | 9,952.0 | 1,093.2 | 1,475.3 | ||
2001 | 10,286.0 | 1,027.7 | 1,398.7 |
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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started